The quickest way to reconcile the amounts on your bill and invoice is by affecting Accounts Payable and Accounts Receivable through your bank deposit, yvesriel.
Here's how we can record your bank deposit:
- Click the + New button, then select Bank deposit.
- Scroll down to the Add funds to this deposit section.
- On the first line, enter:
• RECEIVED FROM: Select the customer profile.
• ACCOUNT: Choose Accounts Receivable (A/R).
• AMOUNT: Enter the invoice's full amount.
- On the second line, enter:
• RECEIVED FROM: Select the supplier profile.
• ACCOUNT: Choose Accounts Payable (A/P).
• AMOUNT: Enter the bill's full amount as a negative value.
- Verify the AMOUNT at the upper-right corner of the Bank deposit page matches the net amount you received.
- Click Save and close or Save and new to record the deposit.
Then, we can link the deposit to the bill.
- Open the bill, then click the Make payment button.
- On the Bill Payment page, mark the bill under the Outstanding Transactions section.
- Mark the deposit under the Credits section.
- Confirm that the AMOUNT PAID at the upper-right corner is zero (0.00).
- Click Save and close.
The same process will apply to the invoice. We will link the deposit as payment to the invoice.
- Open the invoice, then click Receive payment.
- On the Receive Payment page, make sure the invoice is marked under the Outstanding Transactions section.
- Go to the Credits section and mark the bank deposit to apply it as payment.
- Confirm that the AMOUNT RECEIVED at the upper-right corner is zero (0.00).
- Click Save and close.
After completing these transactions, the account will be ready for reconciliation without any issues. I also recommend consulting your accountant to explore alternative methods that can simplify this process further.
Feel free to reach out if you need any further assistance. We're here to help.
