I'm hopelessly lost trying to reconcile deposits with invoices. Help please. New to this.

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McClay Trails HOA
McClay Trails HOA Member ✭✭
edited April 2022 in Business and Rental Property Tools (Windows)
I'm an HOA officer and our finance guy deposited several large sums which included multiple invoice payments. I cannot figure out how to 1. connect the invoice to that large deposit and 2. how to find the paid invoices. So very grateful for any help.
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  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited March 2022
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    Create an "Undeposited Checks" checking type account.
    There's, hopefully, an Invoices account that shows the creation of the invoices and the payment for them going into the checking account.
    Transfer all of those screwed up invoice payment away from the checking account and going into that account. 
    Transfer FROM that UC account into the real checking account to correspond to the actual deposits. At the end, if you've done it properly, the UC account should have a balance of $0.
    This UC technique is adapted from Quickbooks were it's the automatic procedure.  Don't know why Q has never implemented it automatically when Business type accounts are created.


    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Have you familiarized yourself with how the Business feature of Quicken works?
    Please review https://help.quicken.com/display/WIN/Business if you haven't done so already.
    The long and short of it is that Quicken was designed many years ago as a simple tool for small businesses (sole proprietorships reporting taxes on the owner's personal 1040 form plus Schedule C).
    The key to correctly creating and tracking invoices are the Customer Invoices (Accounts Receivables) and Vendor Invoices (Accounts Payables) accounts.
    Always use these account registers to process business transactions. In the register's gear icon you will find functions to Create New Invoices, New Customer / Vendor Payments, Credits, Refunds, etc.
    You create a new invoice (and optionally print or email the invoice)
    You record payment to mark an invoice as paid in the process. This will create a transfer to your checking account register(*) so you can deposit the check to your bank.

    (*)If you regularly collect several payments a day and deposit them to your bank with a summary deposit slip, an intermediate helper account (only within Quicken) would make things a little easier for you. See the above response about an "Undeposited Checks" account.


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