What happens if Prepayments are processed to an Incorrect Account in QuickBooks Online

Applies to: ConnectWise Manage, Datto Autotask PSA and QuickBooks Online

There are two ways to resolve a Prepayment that was accidentally processed to an incorrect account:

  1.  Recreate the Prepayment Transaction in the Alternative Bank Account

     Use this process if you would like to re-create the Prepayment in the Bank Account where the funds were deposited.  You only need to use this method if the invoice does not exist in QBO.

  2.  Apply a Payment directly to the Invoice
    If you would rather apply the payment directly to the invoice (which was not available at the time of the prepayment), then you can do this as a payment to the Wise-Sync clearing account. This negates the need for the Prepayment.

     Recreating the Prepayment Transaction 
      1. Copy down the details of the prepayment, so you have the information on hand

      2. Delete the prepayment from the check account
      3. Click on the Plus Sign Menu at the top right corner
      4. Click on "Receive Payment"
      5. Enter the following details from the Receive Payment Screen
        Payment Date
        Payment Method
        Reference No.
        Deposit to (Account)
        Amount Received
      6. Click Save
      7. Make sure you apply the Prepayment to the invoice being paid (later as a credit note on the invoice itself) 
     Applying a Payment directly to the Invoice 
      1. Find the Prepayment in the Bank Account which the Payment has been received into
      2. Delete the Prepayment
      3. Find the invoice that you would like to pay
      4. Apply the payment to the invoice via the Wise-Pay clearing account based on the amount of the payment received


    Prepayments are created to allow the system to allocate a payment received through Wise-Pay where an invoice is not yet available in the system to allocate the payment to. This is normally as a result of the invoices not yet being synced to QBO, or where the invoices are still in a draft approval status. We recommend that you always sync as soon as you issue invoices, as clients can often be really excited to pay you.

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