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PeteM360
March 7, 2023
Solved

Bank Incorrect reflects Deposit rather than Payment

  • March 7, 2023
  • 1 reply
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I've had a bit of an issue with a particular transaction with my bank.  There was a vendor payment that was made, and apparently there was an issue with the transaction...Payment was made, it was backed out by the vendor and then recharged.  The bank is showing a single transaction in the bank website register as a deposit, and it sent the record over to Quickbooks as a deposit, although the bank shows the correct balance, so its just a display issue at the bank.

 

However, because it came over to Quickbooks as a deposit, it throws everything off.  What's best practice to handle something like this?  Do I delete the bank transaction and create a manual expense entry? (or I guess EXCLUDE)  I tried to edit the bank transaction in the Quickbooks register, but it shows as a deposit, and don't want to make a disaster for my accountant.

Best answer by RoseJillB

Hi there, Pete.

 

I’ll help you with managing your bank transactions in QuickBooks Online (QBO).

 

Since the transaction went successfully, then you’re correct about excluding this in your bank feeds. Doing so will avoid messing up your accounts in QBO. In this, I’ll guide you further about excluding a bank transaction:

                      

  1. Go to the Banking menu in the left panel and choose Banking.
  2. In the For Review tab, select the particular transaction you are referring to.
  3. Tap on the Exclude button.
  4. Go to the Excluded tab, and select the transactions again.
  5. Press the Delete button.

 

In addition, here’s an article you can refer to about categorizing and matching the following transactions. It will let you add them to the correct accounts in your Chart of Accounts (COA). 

 

Once done, visit this other article to reconcile your account. Doing so will ensure that your accounts are balanced.

 

Feel free to lay down your concerns by tapping the Reply button. You can always count on me to help you about entering chargeback transactions in QBO. Have a good one!

1 reply

R
RoseJillBAnswer
March 7, 2023

Hi there, Pete.

 

I’ll help you with managing your bank transactions in QuickBooks Online (QBO).

 

Since the transaction went successfully, then you’re correct about excluding this in your bank feeds. Doing so will avoid messing up your accounts in QBO. In this, I’ll guide you further about excluding a bank transaction:

                      

  1. Go to the Banking menu in the left panel and choose Banking.
  2. In the For Review tab, select the particular transaction you are referring to.
  3. Tap on the Exclude button.
  4. Go to the Excluded tab, and select the transactions again.
  5. Press the Delete button.

 

In addition, here’s an article you can refer to about categorizing and matching the following transactions. It will let you add them to the correct accounts in your Chart of Accounts (COA). 

 

Once done, visit this other article to reconcile your account. Doing so will ensure that your accounts are balanced.

 

Feel free to lay down your concerns by tapping the Reply button. You can always count on me to help you about entering chargeback transactions in QBO. Have a good one!

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