Frequent transactions require thorough organization in case users want to avoid muddling up their books. Traditional accounting makes it difficult for users to manage these transactions. To organize data in a systematic manner is an arduous task. QuickBooks can substantially curtail the time and effort it takes to organize these transactions. It makes matching a deposit to an invoice as easy as pie.
How to Match a Deposit to an invoice in QuickBooks Online?
Step 1: Connect with your Bank:
Follow the steps given below connect your bank account to QuickBooks Online:
- Log into your QuickBooks account
- Click on the navigation bar located on the left side of the screen.
- Click on the transactions tab.
- Here you will see a drop down menu appearing. Choose the banking tab from there.
- Choose the radio button that says to connect your bank with your Quickbooks accounting software.
Step 2: Match Deposits:
Once your account is linked to QuickBooks, simply go through the steps to match your deposit with an invoice:
- Select the banking tab from the transactions menu.
- Click on deposits option and choose to select find match option.
- Now choose all your invoices that you would want to match with an invoice.
- Enter required information that follows and hit save.
There is a limitation on matching deposit to invoice in QuickBooks Online. Only past 90 days entries are available for you to match your invoices. This poses a serious problem for many users. In case you too want to match transactions that are older than the aforementioned limit then follow the steps given below:
- Login to your bank account and download the required entries to be matched. Transactions should be downloaded in Web Connect format (.qbo, .qfx, .ofx, .csv)
- Log into QB Online.
- Select Transactions from the left navigation panel
- From the drop down options, select banking
- Select Update from the options available on the Banking page
- Click on Upload and select the webconnect file. Once the file is uploaded, select the bank account from which you downloaded the web connect file.
- Click finish
Users, who upload WebConnect files in .CSV format, will be prompted by QB to select the rows and columns corresponding to QuickBooks’ format. You can upload Webconnect file from just about any type of back account.
In case you are facing errors or issues while matching a deposit to an invoice, feel free to contact us. You can talk to our QuickBooks Certified Proadvisors.