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nate-contractdra
February 14, 2023
Question

How do I categorize a deposit reversal from a bank? The mobile deposit was initially accepted, then reversed due to no signature and then redeposited and accepted again.

  • February 14, 2023
  • 1 reply
  • 0 views
Quickbooks is now showing this as two $800 deposit and one -$800 entry (to be assigned to a category)

1 reply

L
LeizylM
February 14, 2023

Hi there, nate-contractdra.  I'll make sure you'll be able to categorize the deposit reversal in QuickBooks Online (QBO).

 

You can exclude the negative (-800) transaction from your for review tab. Then, create a receive payment to show QuickBooks that the customer has already paid from the bank. 

 

Here's how to exclude:

 

  1. On the left panel, choose Banking and select the Banking tab.
  2. Choose an account.
  3. Go to the For Review tab.
  4. Put a checkmark beside the transactions.
  5. Click the drop-down arrow next to Batch actions.
  6. Select Exclude Selected.

Here's how to receive payments: 

 

  1. Click the +New icon.
  2. Under Customers select Receive Payment.
  3. Choose the customer from the drop-down.
  4. From the Deposit to drop-down, choose the bank. 
  5. Under the Outstanding Transactions section, select the transactions.
  6. Select Save and close.

 

Once done, create a write check affecting the Accounts Receivable to show that the bank disputed the payment. Once transactions are validated by the bank or accepted by the bank, you can now create receive payments in QBO. 

 

To issue a check, here's how:

 

  1. Click + New.
  2. Under Vendors, choose Check.
  3. Input the check information.
  4. In the Account details section, select the liability account you use for security deposits from the Account column drop-down list.
  5. Choose Save and close.

 

Then, you can now match the bank deposit on the banking page. To guide you in matching and categorizing your bank entries, you can check out this link: Match online bank transactions in QuickBooks Online.

 

I'm also adding here some great references that can help you in making deposits and reconciling your accounts in QuickBooks Online:

 

 

Feel free to comment below if you have further concerns about managing your banking transactions. I'll keep an eye out for your response. Keep safe!

N
nate-contractdraAuthor
February 14, 2023

I don't think your response fits the issue I'm having. The customer has already paid. I'm just trying to categorize the bank entries correctly. 

G
GebelAlainaM
February 14, 2023

Good day. I appreciate you getting back to the thread. I'm here to share some details about managing your deposit reversal in QuickBooks Online (QBO).

 

In your case, you can exclude the negative (-800) transaction from your for review tab and match the two 800 deposit transactions.

 

Here's how to exclude transactions:

 

  1. On the Banking page, select the For Review tab.
  2. Select the checkbox of the transactions to exclude.
  3. From the Batch actions drop-down, choose Exclude Selected.
     

In case, you'll want to review the excluded transactions, you can check them from the excluded transactions listed on the Excluded tab.

 

However, if you'll want other processes for managing this type of transaction, I'd recommend you reach out to your Accountant so, we can ensure that you enter the transactions accurately and avoid data messing up with your accounts. Since they know what's best for your account. If you’re not affiliated with one, you can check our ProAdvisor page and we’ll help find one from there.

 

Furthermore, here's an article for further details on managing your customer's bank transfer if rejected or returned: Handle a rejected or failed bank transfer payment.

 

In case you'll want to reconcile your account in the future, you can refer to these articles as your guide:

 

 

Please let me know in the comment section for more details about managing bank deposits or any other banking concerns in QuickBooks. I'll be around. Take care!

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