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mmcfadden
January 22, 2022
Question

Linked Incorrect Savings Account to Quickbooks

  • January 22, 2022
  • 1 reply
  • 0 views

Hi hello,

 

My husband and I started our own business about five months ago. While at the bank, we opened two business accounts, checking and savings. These were in addition to our individual savings accounts. I just realized that we linked my husband's personal savings account to Quickbooks instead of our business savings. The main problem is the round-up per transaction feature is on and I don't know how to fix the matched transferred transactions. I need to know how to undo/delete the transactions that have been matched, what to do with the transactions for review, how to unlink and unsync the wrong savings account from Quickbooks, and add the actual business savings account.

 

What effect does that have on the business checking account in Quickbooks and reconciling things? The weird things is the savings round up transfers show up on the quickbooks business checking as for review. It's not going on in the bank account on the bank website so I'm guessing it's just because I linked the wrong one?

1 reply

Rubielyn_J
Rubielyn_J
January 22, 2022

I can help you fix incorrect linked savings account in QuickBooks, @mmcfadden. 

 

We can disconnect your online banking account to remove it. By doing so, QuickBooks will stop downloading new transactions. Furthermore, this will help delete all imported entries in the For Review tab.

 

If you've already categorized those transactions, we can undo them instead. This way, they'll go back to the For Review tab and remove them as well.

 

Here's how:

 

  1. Select the Banking menu, and then click the Categorized tab.
  2. Choose all the transactions to undo.
  3. Click the Undo button when you're ready.

 

After that, we can now disconnect your bank account. Simply follow these steps:

 

  1. Proceed to the Banking menu.
  2. Choose the tile for the wrong bank account.
  3. Click the pencil ✎ icon, and then select Edit account info.
  4. Select the Disconnect this account on save checkbox. 
  5. Choose Save and close.

 

Take note also that when you disconnect, QuickBooks deletes transactions that still need to be categorized in the For Review tab.

 

When you're all up and running again, you can now connect the right bank account to QBO. Also just like balancing your checkbook, you need to review your accounts in QuickBooks to make sure they match your bank and credit card statements. This is the process of reconciling your account. 

 

I've added this link on how you can reconcile your account in QuickBooks. 

 

Keep me posted if you've got other banking concerns. I'd be glad to give help you. Stay safe and have a good day.

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