EFT Confirmations: How to Record Them Without Creating Duplicate Entries
An Interac or EFT email feels like a receipt. It is not.
Three different papers
- Invoice — they asked you to pay. Not paid yet.
- Receipt — you already paid, at the till or online.
- EFT / Interac confirmation — the bank moved money against something you already owed.
If you enter the supplier invoice as a bill, then enter the EFT as a new expense, you have doubled the cost. Your profit is now a lie.
The honest booking
Match the confirmation to the open bill. The payment closes the bill. It does not create a second hit to the expense account.
In Kin, an EFT or Interac confirmation is typed as proof of payment, not a new spend. If you publish to QuickBooks, that distinction is the whole point.
Keep both documents. The invoice says what you bought. The EFT says you paid it.