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 to 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 deposits 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 a 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.