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M
MKNA
October 1, 2024
Question

Interest for CD from bank feed is showing as a payment (expense) and duplicate as income (interest added back).

  • October 1, 2024
  • 1 reply
  • 0 views

We have a CD that pays us interest. When the bank feed updates an interest payment, it shows first as an expense and then duplicates as in come- so net affect is $0.  instead of the actual interest posting.  

The bank feed for last year is also missing.  I re-signed into the bank and updated but this didn't help. 

1 reply

D
DebSheenD
October 1, 2024

I'd be glad to help you fix the CD interest payment issue that shows as duplicate entries, @MKNA.


To resolve the issue of the CD interest appearing as both a payment and duplicate income, we'll need to recategorize the bank fee as an expense and the bank interest as income in the Reconcile or Bank Register.  Ensure that the bank account isn’t assigned multiple times and check the bank feed for any missing transactions from last year.

 

Here's how to review the transactions:
 

  1. Go to Transactions, then Bank transactions (Take me there).
  2. Choose the account you want to review.
  3. Select the For review tab.

 

Nevertheless, you can check this article to assist you in effectively categorizing transactions in QBO: Categorize online bank transactions in QuickBooks Online.

 

Additionally, please see this link that'll help you fix duplicate entries when reconciling in QuickBooks: Interest or bank charge shows up twice when reconciling and in the register in QuickBooks Online.

 

Moreover, I've included these articles that'll help you get transactions from your bank or credit cards and manually import them by ensuring that your accounts consistently align with your bank statements QuickBooks Online.
 

 

You can always reply below if you have other queries about bank transactions. It's my priority to ensure that your concerns are fixed. Keep safe always.

M
MKNAAuthor
October 1, 2024

The category is not an issue.  The issue is that the transaction is listed twice in Quick books.  Should I delete one? Is there a way to stop duplication?  

I do have two (2) bank connections but I can't find a way to delete a bank connection.

L
LeizylM
October 1, 2024

Let's work together to resolve the issue of duplicate entries in QuickBooks Online (QBO), MKNA.

 

If you find that a transaction is listed twice in QBO, you have the option to exclude those transactions so you can still have them at a later time or permanently delete them.

 

Here's how:

 

  1. Navigate to Transactions, then select Bank Transactions.
  2. Click on the For Review tab.
  3. Check the box next to the transactions you want to exclude.
  4. Select Exclude.

 

The excluded transactions are listed on the Excluded tab for reference or review. You can find this article handy to learn more about the process of excluding downloaded transactions in QBO.

 

Also, ensure that each bank account is connected only once in QBO. If you find multiple connections for the same account, hide one of them to prevent duplicate transactions.

 

  1. Go to the Transactions menu and select Chart of Accounts.
  2. Find the duplicate account.
  3. Click the dropdown arrow under the Action column and choose Make inactive.

You can check this article for your reference on how to disconnect accounts connected to online banking. 

 

In case you'd like to work on reconciling your account, you can visit the following articles:

 

 

If you encounter any further issues with duplicate transactions, please don't hesitate to reach out to me for assistance. Wishing you safety and a wonderful day ahead.

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