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DeBenson
June 29, 2021
Question

External Deposit showing Deposit & Payment in Reconciliation

  • June 29, 2021
  • 1 reply
  • 0 views

I am beyond helpless and frustrated. I've tried everything I can think of and the system still records they way it wants...

 

I recieved two external deposits and made one physical check deposit via my savings account. I did not originally enter these deposits manually because I knew the system would catch it as my bank accounts are linked to my QB.  However, when I go to reconcile, the account it has been recorded as two seperate line items..one a deposit and the other a payment.  The thing is, these are NOT a payment for anything. So why is quickbooks seperating the deposit and doubling it (one deposit and one payment) in the exact same amount on the exact same day???

 

I attempted completely deleting them from the register including exclusion and deletion which removed them just fine. I then entered the deposits manually, being careful not to"attach" it to anything because it is simply a deposit that doesn't belong to anything (for example; one of the deposits was a tax return check from the IRS). The system KEEPS doubling it as a payment (1) and the deposit (2) doubling the resulting simgle deposit.  Someone PLEASE walk me through how to go about reconciling this. I've now spent about 2.5 hours undo'ing and re-entering the deposits only to keep getting the same result. I have no idea what I'm doing wrong or why the system seems to be freaked in this case.

 

HELP! I am using QuickBooks Online Essentials

1 reply

DivinaMercy_N
DivinaMercy_N
June 29, 2021

Hello there, @DeBenson.

 

Let's first check on how you record the deposit. Ensure that the deposit is allocated on the income account, not the bank account. This might be the reason why the deposit shows as payment. 

 

However, if verified everything is correct and you still experience the same thing, I highly recommend reaching out to an accounting professional. This way, they can further check your account and help you fix the deposits.

 

If you're not affiliated with one, you can use our Find an Accountant tool. You can also request a free consultation with one of our online bookkeepers to help you with your concern.

 

Once everything is set, visit our Reconciliation hub to guide you in reconciling your account.

 

Then, to have a copy of your reconciliation for the previous period, you can pull up a reconciliation report. This is also a big help so you can avoid issues in doing future reconciliations.

 

If there's anything else that I can help you with recording and reconciling deposits in QBO, please let me know in the comment section below. I'll be always here to lend a hand. 

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