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shamilt1
April 11, 2022
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Cheque deposit error

  • April 11, 2022
  • 1 reply
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I deposited a cheque today. When I checked my balance on Quickbooks my balance had decreased by the value of the cheque! I was expecting the balance to either stay the same until it cleared, or increase by the value of the cheque….I certainly wasn’t expecting the balance to go down! Is there a fix for this?

Best answer by Adrian_A

I appreciate you for getting back to us, shamilt1.

 

There are lots of reasons why QuickBooks and your bank balance don't match. They include:

 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions
  • Credit card (liability) account

 

Since the $1000 is still pending, it might be the reason why your bank balance increases. However based on your example it may be that the cheque is recording as an expense transaction rather than income increasing your bank balance it is deducting from it. You can delete the transaction and create a new one which is a bank deposit for that amount which should then resolve the difference in the  balance.

 

Once the transaction is processed, you can categorise it. Here's an article as your guide:  Create and use Rules.

 

Keep me posted whenever you need help with recording transactions. I've got your bank!

 

 

1 reply

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CharleneMaeF
April 11, 2022

Thanks for using QuickBooks in tracking your cheques, shamilt1.I know how important it is to keep your balance accurate. I'm here to share some details on how we can fix this.

 

QuickBooks Self-Employed depends on how you categorize your transaction when recording them. The changes will automatically reflect even if the cheque isn't cleared yet.

 

Since the amount decreases after depositing the cheque, I'd recommend making sure you categorise the transactions accurately. You can check out this article to learn how: Match with Specific Lines on your Schedule C.

 

You may also consult an accountant if you need additional assistance in categorising the transactions.

 

Additionally, I've included an article that'll help you quickly categorise your expenses and income transactions. This speeds up the reviews in QuickBooks Self-Employed: Create and use Rules.

 

I encourage getting back to this thread if you need additional assistance in recording your cheques, shamilt1. It's always my pleasure to help you out.

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shamilt1Author
April 11, 2022

I haven’t yet categorised the transaction as it’s still pending- in fact I’ve done nothing but pay a cheque from a client into my bank. It’s not categories and profit/loss where I have the problem. It’s the balance of my linked bank account - which according to Quickbooks has gone down since depositing the cheque….by the exact amount of the cheque. 
I’ll give you an example of what has happened (with made up figures to keep it simple). This morning my balance in the bank is say, £10,000- this account is linked to Quickbooks and Quickbooks also says my bank balance is £10,000. I go to the bank and pay in a cheque I received for £1000. My bank balance is now £11,000, but when I look at Quickbooks, it tells me the balance is now £9000! Is there any way to correct this?

Adrian_A
Adrian_AAnswer
April 11, 2022

I appreciate you for getting back to us, shamilt1.

 

There are lots of reasons why QuickBooks and your bank balance don't match. They include:

 

  • Outstanding transactions
  • New transactions for a connected account
  • Duplicate transactions
  • Edited or deleted transactions
  • Credit card (liability) account

 

Since the $1000 is still pending, it might be the reason why your bank balance increases. However based on your example it may be that the cheque is recording as an expense transaction rather than income increasing your bank balance it is deducting from it. You can delete the transaction and create a new one which is a bank deposit for that amount which should then resolve the difference in the  balance.

 

Once the transaction is processed, you can categorise it. Here's an article as your guide:  Create and use Rules.

 

Keep me posted whenever you need help with recording transactions. I've got your bank!

 

 

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