There are many reasons why one deposit may be related to multiple invoices. FINSYNC allows you to match one deposit to multiple invoices, but you must split the deposit first. Similarly, if you want to undo a split transaction (after it has been matched), you must first un-match the deposit.
Splitting and matching deposits to invoices (and un-matching and un-splitting) are described below.
Follow these steps:
1) Click "Banking" in the top nav. Alternatively, hover over the banking tab and select the right bank account from the drop-down menu.
2) If you did not already select it, find the right bank account in the left nav. If you only have one account synced, you can skip this step (FINSYNC automatically selects the account if only one exists).
3) Find the deposit transaction and click on the dropdown arrow on the right to see the transaction menu options.
4) Click "Split"
5) Add as many rows as you have invoices or add that many plus an extra if you need to account for credit card processor fees or other transactional expenses.
6) Change the amounts in each cell until they sum to the amount of the deposit. Note: You can use a negative number to account for a fee if a processor took it before the money was deposited to you.
7) Click "Confirm Split."
8) You will be taken back to the banking page and you'll see each child transaction in the "Originals and Splits" view.
9) Click the dropdown arrow on the row of the transaction to be applied and choose "Apply to Receivable."
10) Find the invoice and click the box next to select it.
12) Click "Match."
When you are finished, you will see that account name of the newly matched child transaction has changed from "Income - Uncategorized" to the name matching your customer's account.
To Undo This Process:
Before you can undo the transaction splitting, you must first un-match all of the transactions involved in the split. If you did not match the transaction, skip to step FILL IT IN
1) Return to your bank account page that lists the transactions you want to un-split. Do this by clicking on the banking tab, and selecting your bank account linked to the split transactions.
2) Select the matched child transactions made from the split. If it is not visible, make sure the page is set to "Show Originals and Splits."
3) On the highlighted blue box that says "Invoice # XXXXXX," click the red X to unlink the transaction.
4) Repeat Step 3 for all matched transactions involved in the split. Once done, all child transactions will be labeled in the Account column as "Income - Uncategorized."
5) Click the row of one of the child transactions.
6) Click the text "Edit Split" located at the bottom.
7) Click "Undo Split" at the bottom of the page.
You May Also Be Interested In:
- Bank Transactions: How To Split
- Credit & Debit Cards: How to Accept
- Unapproved Invoices Explained
- Collections Reminders: How to Set
For a list of articles related to Bank Accounts, Bank Transactions, Balances and more (Click Here)
For a list of articles related to Invoices, Customers, Quotes, and more (Click Here)
For the complete list of articles, return to the FINSYNC How-To Guide (Click Here)