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K
kaykay331
December 24, 2020
Question

Bank Feed imported incorrectly - spent showing as received and vice versa

  • December 24, 2020
  • 3 replies
  • 0 views

I have just started setting up and connected by bank account. It is showing my business payments/expenses as incoming payments and my business/client invoice payments received as a negative or outgoing. Any idea how I change that to swap it over? This is for a Merrill Lynch CMA account. Interestingly, I also have Bank of America accounts that upload the transactions to the correct credit/debit columns just fine.

3 replies

IamjuViel
IamjuViel
December 24, 2020

I appreciate the complete details you've shared, @kaykay331.

 

Depending on how your bank shares its data (bank transactions) to QuickBooks, manually changing the amount columns from Money Received to Money Spent is unavailable. You can exclude each transaction and delete them. I can guide you on how to do it.

  1. Go to the Banking menu.
  2. From the Banking page, locate the bank account that displays the incorrect list of transactions.
  3. Hover to the For Review tab.
  4. Find and mark the boxes of the downloaded transactions.
  5. Click the Batch Actions drop-down menu.
  6. Choose Exclude Selected.

Once excluded, these transactions will show up in the Excluded tab, and that's where you can delete them:

  1. From the Excluded section, check the boxes of the transactions you want to delete.
  2. Go to the Batch Actions drop-down menu, and select Delete.
  3. Click Yes to confirm.

Now, you can start downloading your bank transactions directly from your bank's website. Just make sure that the file has either of the following formats: 

 

3-column Template

 

4-column Template

Once the bank file is ready, start importing the file to your QuickBooks Online company. Here's how:

  1. Click Banking from the left navigation panel.
  2. Pick File Upload from the Update drop-down menu or Upload transactions manually if there isn’t any bank connected to QBO.
  3. Select Browse and choose the file you downloaded.
  4. Choose an account from the list, then Next.
  5. On the Amount section, select the columns according to your CSV file.
    • Note that the Money Spent is for your expenses while the Money Received is your deposits. 
  6. Select the transactions to import. 
  7. Click Yes.
  8. Hit Let’s go.

Lastly, you can review and categorize each imported transactions. Also, you can read through this article to help you with fixing online banking issues for your future reference: Fix online banking errors in QuickBooks Online.

 

Keep me posted if you have any other questions with this concern. I'll make sure to get back to you as soon as I can. Enjoy your weekend!

    IamjuViel
    IamjuViel
    December 27, 2020

    Greetings, @kaykay331

     

    I want to make sure that you're able to import your bank transactions properly. Have you tried the steps that I've shared? Were you able to record your income and expense transactions? If you need more clarification on this, just leave a comment below. I'll be sure to get back to you.

     

    Have a great day ahead!

    K
    kaykay331Author
    December 27, 2020

    Yes, I already know how to exclude the incorrect transactions and import the transactions correctly via the manual option. HOWEVER, I would like to not have to do this for this account since ML is a huge bank and their affiliated banks (Bank of America) are importing just fine. I saw a thread on the Australia version of QBO that said the QBO engineers were able to take a look at the connection with the bank and fix it on the engineer end rather than just put all the onus on the user. So I posted in hopes that QBO US might do the same? Here's the AU thread I'm referring to: https://quickbooks.intuit.com/learn-support/en-au/banking/bank-feed-imported-incorrectly/00/411798

    T
    Txfordgirl
    March 8, 2023

    I did what you suggested and the upload it still backwards. My received amounts are coming in as spent and verses with spent amounts. I’ve deleted the transaction and tried 3 times now to unload it. Every time it backwards. Please help. 

      M
      Mark_R
      March 8, 2023

      Thank you for posting your issue here in the Community, @Txfordgirl.

       

      I appreciate you performing the steps shared by my colleagues above. I want to ensure you can upload your bank transactions correctly to QuickBooks Online (QBO).

       

      Just to clarify, are those bank transactions are imported manually into your QBO account? If so, you'll want to make sure the Debit and Credit columns on your CSV file are placed properly. This way, the spent and income will show properly in your bank feeds.

       

      However, if it's connected to QBO, I recommend reaching out to your bank. They may check the transactions further and provide some information on how they download transactions to QBO.

       

      Once you're ready to reconcile your bank account, you can check out this article: Reconcile an account in QuickBooks Online. This will help make sure your QuickBooks transactions match your bank statement.

       

      Please don't hesitate to leave a comment below if you have other concerns or follow-up questions about your bank transactions. I'm always here to help.

      J
      jdown
      March 9, 2023

      Not sure if this applies here or not, but I was having this issue when downloading credit card transactions past a certain point in time that were automatically imported. I had to download it as a CSV file, but then they were trying to post as credits in the account rather than expenses. I went back to the file and made sure all the amounts were listed as negatives, but that didn't make a difference until I went back and made sure my download was "saved as" a CSV UTF 8 (Comma Delimited) format... then it uploaded correctly and saved me a lot of time manually entering each transaction. 

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