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A
alexbochelmusic
November 8, 2021
Question

There are over 10 deposits that show up on my November profit-loss report that do not exist in my bank account or on any other record.

  • November 8, 2021
  • 1 reply
  • 0 views
I have categorized all of my deposits and expenses so far for the month of November. When I run my profit-loss report for the month of November, there is over $2,000 worth of uncategorized income. I also have this issue with expenses. These deposits do not show up in my bank account because they do not exist. I also noticed that the deposits were for the same amounts as other deposits that I DID categorize. For some reason, they are duplicated and showing up on my uncategorized income report. This is also happening with expenses. The "uncategorized expense" that I have is the same amount as the credit card payment that I just made. BUT I did categorize that payment as a credit card payment. And I confirmed that it still is categorized as such. I was on the phone with support for over an hour and the issue was not resolved. I have a lot of screenshots that show what I am talking about but it does not look like I can upload them here. Why is this issue happening? Thanks for your help!

1 reply

M
MirriamM
November 8, 2021

Welcome to the Community space, @alexbochelmusic.

 

I'd be glad to share more info about Uncategorized income and expenses in QuickBooks Online (QBO). 

 

When your bank transactions are downloaded into your QBO account, the system can’t always figure out how to categorize the transaction. With that said, QBO assigns the Uncategorized Income account to amounts received and the Uncategorized Expense account to amounts paid.

 

To resolve this, you'll need to edit the categorized transactions. 

 

To edit the expense transactions:

  1. In the left menu, click Expenses.
  2. Go to the Expenses tab.
  3. Click on the Category column to sort transactions by category.
  4. Locate the Uncategorized Expenses.
  5. Double-click on each transaction to open it.
  6. Click on Online banking matches to view the details of the transaction.
  7. Assign or add the vendor name.
  8. Change the account from Uncategorized Expense to the correct expense account.

 

As for solving the recorded uncategorized income, these are tricky to correct since you may have already entered an invoice, a customer payment, or even a deposit. And you may have already prepared bank reconciliations in QBO. Thus, I recommend reviewing the transactions individually. Then, correct it depending on what is already recorded in QBO. 

 

You may also consider contacting your accountant to help correct these. If you don't have one, you can find an accountant near you. Visit this link to find accountants based in the US: https://quickbooks.intuit.com/find-an-accountant/. Just add your address in the Find and accountant field.

 

To learn more about managing your transactions, here's an article you can visit: Categorize and match online bank transactions in QuickBooks Online.

 

 

If you have more questions about recording your transactions, don't hesitate to visit this thread again. I'd be more than happy to help you further. Have a good day.

A
alexbochelmusicAuthor
November 9, 2021

Hi! Thank you for your time and response. Unfortunately, the problem is deeper than this. The "uncategorized income" deposits that appear on the profit-loss report are all for one bank account. These deposits do not exist on my bank account though. They seem to have been created by QuickBooks based on a few real deposits. I will attach a screenshot. 

 

Here is an example: that $305.40 deposit appears multiple times. I only got one deposit of this amount this month though. And I categorized it. Yet it still appears all of these times in uncategorized income. 

K
Kevin_C
November 9, 2021

Hello there, @alexbochelmusic. I appreciate you for adding a screenshot along with the details you've shared above.

 

I can share two possible answers with that multiple deposit transactions.

 

If these duplicate transactions are in the Banking page, You can Undo the transaction in the Categorized section.

To do that:

  1. Go to the Banking menu.
  2. Refer to the Banking tab.
  3. Select tile for the bank or credit card account you downloaded the transaction from.
  4. Select the Categorized tab.
  5. Find the transaction you want to undo.
  6. Select the blue transaction link in the Added or Matched column to see the matched transaction.
  7. Press the Undo from the Action column.

I've got here a reference that you can check to guide you in excluding bank transactions: Exclude a bank transaction from your expenses in QuickBooks Online.

If these duplicates are recorded by hand, you can manually delete them. Here's How:

  1. Navigate to Reports tab.
  2. Click on the report that has multiple transactions.
  3. Select the deposit that you think it's already a duplicate.
  4. It will open the chosen deposit transaction. Click More then select Delete.

       5. Save the changes.

 

If the issue persists, I suggest contacting our QuickBooks Online Support for further assistance.

 

If you need to move a previously matched transaction to a different account, refer to this article for the steps: Unmatch downloaded bank transactions or move them to another account.

 

As always, I'll be glad to provide further assistance if you need it. Enjoy the rest of your day!

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