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L
Lely
October 25, 2024
Solved

ACCTVERIFY Bill.com ACH CREDIT

  • October 25, 2024
  • 1 reply
  • 0 views

I'm doing reconciliation. However, I'm confused and not sure where to categorize this. It is under "Deposits, Credits, and Interest" of the bank statement. 

ACCTVERIFY Bill.com ACH CREDIT  0.01.

Can someone help me with this?

Best answer by Rainflurry

@Lely 

 

I would record the $.01 as income.  

1 reply

R
RogelioL
October 25, 2024

Thank you for bringing up your concern about categorizing a transaction here in the Community. I'd be happy to guide you through this.


When you see a discrepancy while reconciling, specifically with the 0.1 transaction, it can indeed cause confusion. Let me help clarify what's happening here.


To begin with, this transaction is a test transaction from Bill, often done to verify that your bank account is properly linked for future payments. It's a common practice for companies to send small credits like this to ensure that they can transfer funds correctly.


With this, I suggest checking your bank statement to see if this is indeed a test transaction. Once you've confirmed that this is a verification entry, we can exclude this transaction instead of categorizing it. Rest assured, as it won't affect your financial books.

To do exclude that transaction, please follow the steps below: 

 

  1. Navigate to Transactions, then choose Bank transactions.
  2. Select the For Review tab.
  3. Click the checkbox of the transactions to exclude.
  4. Select Exclude.

 

If you prefer to keep that transaction, I suggest reaching out to your Accountant. They have the expertise to help you record this accurately.


Additionally, you can check out this article to learn how to fix your reconciliation: 

 


If you need more help with your reconciliation process or further clarification on this entry, feel free to reach out. I'm here to help ensure your transactions are categorized correctly. 

L
LelyAuthor
November 1, 2024

Hi Rogelio,

Thank you for your kind response.

  1. I am unable to see or confirm the $0.01-ACCTVERIFY transaction within Bill.com. If you know where to locate this in Bill.com, please let me know.

  2. If I exclude this transaction, how can I ensure that it will not affect the reconciliation, even though it appears under "Deposits, Credits, and Interest"?

  3. Upon reviewing previous transactions with the same description, they were categorized as "Bank Fees & Service Charges" under Expenses. Could you advise why the prior accountant may have categorized them this way?

TY for your next response. 

 

 

S
ShangY
November 1, 2024

I appreciate you trying out the steps provided by my colleague, @Lely. Let me dive into your follow-up questions to ensure you complete everything smoothly.

On your first point, $0.01 ACCTVERIFY transaction is essentially a test deposit to verify your account's ability to process payments. To locate this transaction, I'd recommend reaching out to the Bill.com support. 

For your second question, excluding it won't affect the reconciliation.

Regarding your last question, I'd suggest contacting an Accountant for further insights into why the previous accountant categorized it that way.

Additionally, I recommend checking out the article Fix issues at the end of a reconciliation in QuickBooks Online and Fix issues for accounts you've reconciled in the past in QuickBooks Online to learn how to resolve reconciliation problems.

Please let us know if you need anything else. We're always here to help. Have a good one.

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