How to Match a Bank Deposit to an Invoice
Pocket helps emerging eCommerce and omni-channel brands manage finance easily - by providing a one-stop solution for founders to auto-generate accrual based financial books and key analytics, and collaborate with advisors and CFOs on key decision making. Over 100 users at modern consumer brands use Pocket to manage their books, file taxes, and prepare financials for financing and fund raising.
❓Why you need to match a bank deposit to an invoice?
Pocket pulls in invoices you created in your invoicing systems, such as Quickbooks. Upon invoice ingestion, Pocket creates accrual based journal entries to recognize those invoices as accrual based sales.
Pocket would credit Sales, and debit Accounts Receivable on your Balance Sheet for invoice ingestion.
On the other hand, when a customer pays the invoice, typically in 30/60/90 days, Pocket needs to match those payments to the specific invoice to reconcile, or reduce the Accounts Receivable.
For the exact vendor name, due date, and exact invoice due amount payout, Pocket will auto-match for you. However if any of the above is not an exact match, Pocket need user's collaborate to match the payment to corresponding invoice(s).