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C
Cat Owner in Buffalo
June 26, 2022
Question

a Banking error

  • June 26, 2022
  • 1 reply
  • 0 views

We deposited a check for 133.33. The bank misread the amount as 133.53. When I was not able to reconcile the account, I found the 20¢ error and called the bank. The bank refunded the 20¢ as a deposit. I cannot figure out how to manage the 20¢ deposit since the customer check for 133.33 was correctly applied and closed.

 

I did call the OBO help and the agent had me make a -20¢ in the opening balance from 3 years ago! That way the 20¢ deposit made in 2022 would offset the -20¢ from 2019. However, I don't think that was the correct method, so that needs correction as well.

 

Can you please with this compounded problem? many thanks

1 reply

T
TirzahC
June 27, 2022

Hello there, Cat Owner in Buffalo.
 

I can clear things out for you. First,  you'll need to correct the opening balance 3 years ago and utilize the Resolve Difference option to fix your payment difference.

 

Let me guide you on how to perform this task:

 

  1. Go to the Banking menu, and then choose the For Review tab.
  2. Find the said transactions, and then select the Find match button to open the Match transactions window.
  3. Look for and select the invoice payments to match. You can also use the filters to narrow down your search.
  4. Scroll to the bottom of the table, and then click the Resolve Difference button.
  5. Enter the processing fee details. Make sure the total is zero.
  6. Click Save when you're ready.

 

Also, If you're trying to make sure your books are accurate and everything is properly accounted for, I would highly recommend reaching out to an accountant. They can look through everything in detail to make sure everything's right where it's supposed to be.

 

Just in case you want to learn more about matching transactions, feel free to check out this article for more guidance: Categorize and match online bank transactions in QuickBooks Online.

 

Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. Have a great day. 

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