Using Xero online accounting software software How to deal with multiple payments received as a single amount in the bank account
- Jot down total payments and the breakdown of payments
- Locate the lump payment
- Select Find & Match
- Select the matching transaction
- Select Reconcile button
This video covers how to deal with multiple payments received as a single amount in the bank account.
What you may find is you have a lump sum deposited into the bank account â in this example, $1000, and it actually represents payments against several invoices. In this case, three invoices made up of $200 + $300 + $500. Youâve received a single $1000 sum in the bank account and youâre wondering, âHow do I allocate it across Xero because these are three individual amounts?â
What you need to do is you need to jot down the total payments and the breakdown of payments like I did on the other screen. Understand the $1000 = Â $200 + $300 + $500 and know what clients they represent.
Locate the lump sum, select âFind and Matchâ, select the matching transaction, and then select the âReconcileâ button.
Weâre just going to go through and do that. So here I am, looking at my bank account, ready to be reconciled and I have here multiple payments received – 1000 dollars. I found the lump sum has been received into my bank account and I now need to match this against the sales invoices. Youâll notice over here; itâs all clear. What Iâm going to do is Iâm going click âFind and Matchâ. Click on âFind and Matchâ, now I can pull that screen up a bit further and youâll see here I actually have the customers and $300, $500, and $200. Those were the amounts, if I click on those, those three amounts made up the lump sum and I can come up here now and I can click the âOkayâ button or I can scroll further down the screen and click on the âReconcileâ button further down the screen.
Now, that is quite an easy scenario. What we could also have done, Iâm just going to unselect them here. What we could have done is come over here on the right-hand side and we could have searched for an amount so Iâm going to type in $500 and select âGoâ and again thatâs come up with my $500. I knew that was coming up. Or I could come up here and search by name. Iâll type in âCustomerâ and actually came up with a âCustomerâ. If you canât easily locate it in this list of transactions, type in the reference on the other side and what we have here is we have one lump sum matched against multiple open invoices and Iâm going to click the âOkayâ button on that and I have reconciled that.
That was reconciling multiple payments received as a single amount in a bank account.
Heather Smith Xero Expert https://heathersmithsmallbusiness.com/