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actionwolfexteri
February 13, 2021
Question

How do I handle closeout withdrawal and new account deposit transactions so they're not income or expenses?

  • February 13, 2021
  • 2 replies
  • 0 views
We had to close a compromised bank account so How do I handle closeout withdrawal and new account deposit transactions so they're not income or expenses?

    2 replies

    M
    mazar
    February 13, 2021

    Hello,

     

    Connect the new bank account in QBO and then do a TRANSFER from the old bank account to new one.  Then you can disconnect the old account from bank feeds and make the account inactive in the chart of accounts.

    A
    actionwolfexteriAuthor
    February 21, 2021

    What if it was too late since this happened a few months ago? I now show Closeout Withdrawal and New Account Deposit on the transactions, but I cannot match them now since they appear to come from another outside source/bank, and we can't match them within the same internal account  because of disconnecting the bank feed, but keeping the same "Name" of the account to continue. To QBO you cannot match to same-named accounts, even though the new numbers are different.

    BettyJaneB
    BettyJaneB
    February 21, 2021

    I'm grateful for the details that you gave, @actionwolfexteri.

     

    It's my utmost priority to help you handle your close-out withdrawal  and new account deposit transactions in QuickBooks Online.

     

    Your financial institution may change its bank link for the online banking connection. Which can be the reason you're unable to match them. To fix this, I recommend contacting your bank. They might have an announcement about maintenance or other site changes.

     

    Once verified, you can then connect your bank with QuickBooks.

     

    Here's how:

    1. Select Banking from the left menu.
    2. Click Add Account.
    3. Search your bank or use the correct URL when you log in to your bank's website. connectbank.PNG
    4. Enter your bank's username and password.
    5. Select the type of account.
    6. Select how far back you want to download bank transactions.
    7. Click Connect.

    You can also read through this article for the detailed steps: Connect and add bank and credit card accounts to QuickBooks Online.

     

    For the now, to get your work done, you can add your bank transactions manually into the system.

     

    To do that:

    1. Click Banking from the left navigation panel.
    2. Pick File Upload from the Update drop-down menu or Upload transactions manually if there isn’t any bank connected to QBO.
    3. Select Browse and choose the file you downloaded.
    4. Choose an account from the list, then Next.
    5. Follow the on-screen instructions to map the fields.
    6. Select the transactions to import.
    7. Click Yes.
    8. Hit Let’s go.

    For the information and steps on importing these files, see this article: Manually upload transactions into QuickBooks Online.

     

    In case you encounter any errors, What to do if you see a bank error or bank transactions won’t download article contains a list of common online banking errors. Proceed directly to the Fix specific banking errors section.


    Keep in touch if you need further assistance while working in QBO. Please know I’m always here to help and make sure you’re taken care of. Enjoy the rest of the day.

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