Reconsiling Bank Account against a paid invoice

Accounting
1

I have an invoice paid in QF. However when I attempt to reconcile on banking i cannot achieve a ‘tagged’ situation. when trying to do so I get the message that this invoice has been paid.

How do i achieve a ‘tagged’ flag without causing an accounting issue?

2

If the invoice is marked as paid then that means there is already a bank transaction somewhere in your QuickFile account that is tagged as a payment against that invoice. At the top of the invoice preview page there should be a link either directly to the linked payment if it was paid in a single transaction, or to the list of linked payments if it was paid off in multiple chunks, and each of those payment records has the option to navigate to the corresponding bank transaction. Once you find that transaction and see which bank account it is in then you should be able to work out how to reconcile things.

For example if it’s a case where the invoice was paid by card or something like that, and the associated payment is into a holding merchant account, then the current account money in would be a bank transfer from that same holding account, not a “payment from a customer”.

3

Thanks. However, the original invoice has been paid from Invoicing but it still shows as “Tag Me” in Banking.
When I try to clear the tag there are no option(s) to settle this so the flag stays.
There appear to be no accounting anomaly but it’s at least not tidy to have the tag me flag persist.
Peter

4

Hello Peter.

Let me send you a private message to get some details and take a look.

5

This is what I mean - when you “log payment” against an invoice, QuickFile will automatically create a pre-tagged transaction in whichever bank account you selected when you logged the payment. It’s not possible for a “paid” invoice to exist in QuickFile without at least one associated bank transaction somewhere, unless you paid this invoice using funds held on account from a previous credit note.

If you follow the chain from invoice to payment to bank transaction you’ll be able to find out which transaction(s) QuickFile thinks paid off this invoice, then hopefully that gives you a path to reconcile the new transaction, either by deleting it entirely (if the transaction already associated with the invoice is in the same bank account) or by tagging it as a bank transfer to balance off a payment transaction in a different bank account (e.g. if it was paid by card into a holding account).

6

Thanks again. I’ll try it out next time it occurs.