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cpmksparks
February 25, 2024
Question

Can I switch debits and credits on the bank register? downloaded the CVS from my bank account ,

  • February 25, 2024
  • 1 reply
  • 0 views
The deposits are showing up as debits and the credit are credits.

1 reply

Rainflurry
Rainflurry
February 25, 2024

@cpmksparks 

 

You don't want to switch them - that's correct.  In accounting, a bank deposit is a debit and a withdrawal is a credit.  The concept of a debit reducing your balance and a credit increasing your balance is from the bank's perspective - a debit (withdrawal) reduces the liability they have for the money the owe you and a credit (deposit) is an increase in the liability.  From your perspective, a deposit increases your bank account asset (debit) and a withdrawal (credit) reduces it.    

H
Heide DC
February 26, 2024

Thanks for posting in the Community space, cpmksparks. Let me provide additional information about managing bank transactions in QuickBooks Online (QBO) as per @Rainflurry's suggestion.

 

That's right, you don't have to switch debits and credits on the bank register. A bank deposit is a debit, and a withdrawal is a credit.

 

If you want to switch debits and credits on the bank register, you can perform it on Import bank transactions when adding a CSV file by selecting Reverse all values. I've provided a screenshot for your visual reference.

 

 

Moreover, you can visit this article for more reference about debit and credit: How accounts are affected by debits and credits.

 

Additionally, you can check this article to learn how to find transactions in your account registers so you can review or edit them: Find, review, and edit transactions in account registers in QuickBooks Online.

 

Please know that you're always welcome to post if you have concerns about recording your transactions in QBO. Stay safe.

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