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Banking- my deposits are coming over as a deposit and a payment

Forum|Forum|4 years ago
February 25, 2022
7 replies
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My deposits are showing in the bank registry as a deposit and a payment. Is this correct or is this something should look into.

QuickBooks Desktop

Best answer by BigRedConsulting

Something to look into. I'll guess that the bank account is being used as the detail account on the deposits, which will cause this.

BigRedConsultingAnswer

Something to look into. I'll guess that the bank account is being used as the detail account on the deposits, which will cause this.

JenoP

Joining the thread to help with your banking-related question, Kclark112.

A single bank transaction should only be shown or an expense or a income in the Bank Feeds Center and not both. Please know that the data reflected in the Bank Feeds Center solely relies on the data that's shared by your bank.

You'll want to reach out to check why the deposits are also shown as payments. In the meantime, you can exclude the transactions showing as payments. Here's how:

Go bank to the Bank Feeds Center.
Select the bank account by clicking Transaction List.
Look for the transaction and check the box before it.
Click the drop-down list beside Batch Actions, then select Ignore.
Select Yes.

More details about this process are shared here: Add and Match Bank Feed Transactions in QuickBooks Desktop.

Allow me to share more articles if you need more references when working in the Bank Feeds Center:

I'll be around if you need anything else. Just reply to this response or post more questions in the Community so we can offer our help again.

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Ep45

This is happening to me too but I’m so new to quickbooks online I don’t know how to look into finding out how to do it. I tried to delete the transactions that weren’t correct and it ended up deleting both and screwing up my reconciliations. Such a mess.

KlentB

Welcome to the Community, Ep45. Thanks for choosing our products. I'm here to guide you in resolving your problem.

As mentioned by my colleague above, your financial institution controls how and what transactions are sent to the program. That said, you may need to reach out to your bank to check why the deposits are also shown as payments.

After you delete the transactions downloaded from your bank's records, they will go back to the For review tab. From there, you can exclude the duplicate payment and categorize the correct deposit again. This will ensure that your books always match your real-life statements. Feel free to follow the steps below:

Go to Bookkeeping.
Choose Transactions, then select Bank transactions.
Click the tile of the appropriate account, then head to For review tab.
Tick the checkbox of the identical payments and tap the Exclude option.
Click the correct transaction to expand the view, then categorize or match it again.

Once done, let's manually mark the entries as reconciled in the register so your account will be balanced the next time you perform a reconciliation. I'll show you how to do it:

Choose Accounting from the sidebar menu.
Go to the Chart of Accounts tab.
Find the account and click View register.
Locate the transaction, then select it.
In the checkmark ✔ column, keep clicking the box until you see the letter R and Hit Save.

Finally, here's an article that you can read to help streamline the review process of your online banking transactions: Set up bank rules in QBO.

You're always welcome to visit this thread again if have follow-up questions about bank feeds. Just add the details below and I'll get back to you as soon as possible.

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Ep45

Thanks for the reply, unfortunately it is not showing up as a duplicate in the 'for review' tab. It is automatically applying as both payment and deposit when it is just a deposit once it is on the register. I found an extremely labor intensive work around but this can't be the long term solution....

It is also only one kind of deposit this is happening to. I discovered if I click on the deposit bar on the register and then categorize the account it is depositing too (i.e. not leaving it as 'checking') then it deletes the payment part on it's own and it works like it should.. but I have to do this to EVERY single payment into the account... which is A LOT. But at least I can get it done. I checked the rules I have set up and the one that it should be going to is set up correctly so I don't know what to do from here.

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amyhaisman

This happened to me, on one transaction, and after looking at it closer, the client had posted the deposit to the bank account instead of the income account. Once I posted to the income account, it was fixed.

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RobertaHamilton

THIS all of a sudden happened in late July, all of August 2024! No matter what I have done after researching and reading the solves, it has not fixed anything! QBO on has duplicated and in some instances tripled deposits/transfers. Both my main business checking and Line of Credit accounts in QBO are NEGATIVE.....which is impossible and they were not like that until reconciled August 2024, noticed in the register all the duplicates....backed out/unmatched/deleted/changed distribution account etc and it only got WORSE.

I have two different contractors I do bookkeeping for....and only ONE has this issue in QBO.

HELP!!!

Can QBO support fix any of this??? As useless as they are something has to be done. I feel like I am chasing my tail to no avail.

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SpecializedML

Are the deposits transfers? Or sales deposits? How did you categorize them?

You can always hit the tickbox next to a transaction and click the "exclude" button when it offers you to "Accept, Edit, Exclude".

Sometimes the incoming data from your Bank may be labeled in a such a way that it gives QBO problems assigning it. Excluding can help you keep it organized correctly.

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DebSheenD

I can see the challenges you're facing with your bank transactions issues, Roberta. Let me assist you in getting to the right channel that can guide you in managing your transactions in QuickBooks effectively.

In QuickBooks Online, the downloaded transactions are based on the data provided by your bank. I recommend contacting your financial institution to check for any current issues.

Since there are duplicate transactions downloaded, we can exclude them to correct this.

Here's how:

Go to Transactions, then click Bank Transactions.
Choose the For Review tab.
Hit the checkbox of the transactions to exclude.
After that, tap Exclude.

Moreover, I'm adding these additional resources when reconciling your transactions:

I appreciate your patience in taking some steps to get this fixed. Tell me how it goes after following the recommendations and contacting your Bank. I want to help you move forward for your business success.

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DRAB

Same thing was happening to us! We were trying to put the deposits under our main bank account under the "account" column and it was showing them as payment and deposit once we checked our register. We ended up making an income account to use instead of our bank account. We did income, discounts/refunds given, and named it "credits" and once we selected that account to deposit to, it shows up correctly on the register. Hope this helps somebody!

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RACFS

I'm experiencing the same issue. Did you ever find a resolve?

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brian-monahangti

I also have the same issue, except it is with 1099 contractor payments. When we pay our contractors, it shows up as a payment and a deposit (which it should not be).

This transaction is not from the bank register but appears to have been created because of the direct deposit payment. When I try to delete the deposit transaction, I am given the prompt, "You cannot delete a direct deposit transaction. If we haven’t processed this payment yet, you can void the transaction and we won’t send your payment."

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brian-monahangti

I found the article below to be helpful. Essentially, if the category of the transaction is mislabeled as the bank account, there will be duplicate transactions that cancel each other out.

https://quickbooks.intuit.com/learn-support/en-us/banking/certain-deposits-are-showing-up-as-both-deposit-and-debit-the/00/1291755

Hope it helps!

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