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efish123
December 5, 2023
Question

Manual Upload Bank Transactions From .qbo File

  • December 5, 2023
  • 1 reply
  • 0 views

Hello

 

I manually uploaded a qbo file for a credit card. This is the first time I have ever uploaded bank transactions. We usually just enter the invoice to the card company and code the items to expense. 

 

When I uploaded the transactions, all November transactions, it created an entry to the credit card liability account and to the OPENING BALANCE EQUITY account for the balance on the card at the time I did the download into the qbo file. It debited the equity account and credited the liability (credit card account). 

 

I did not want that entry there, I only wanted the transactions from November, so I DELETED the entry. When I deleted the entry, the equity account had not transactions in it but it still had the debit balance as it did before. I don't understand how that is possible. So, I had to make a manual JE to the equity and the card liability account to zero them out. 

 

I know I should not have ever deleted anything. What can I do now? Is this going to create a problem later? Is it going to make an entry to equity every time I upload transactions? 

 

Thank you

1 reply

MariaSoledadG
MariaSoledadG
December 5, 2023

Let's make sure to fix your issue to make your financial records accurate, efish123.

 

QuickBooks Online (QBO) will only create an entry to credit card liability account and to the opening balance equity once you connect your bank and credit card accounts for the first time. You can use the audit log to check what are those entries that have been deleted. Once done, you can recreate those transactions that have been deleted. To do so, follow the steps outlined below:

 

  1. Go to the Gear ⚙ icon and select Audit log.
  2. Choose Filter.
  3. Use the fields on the Filter panel to choose the appropriate User, Date, or Events filter to narrow the results.
  4. Click Apply.

 

However, I still suggest reaching out to your accountant so they can double-check your books. At the same time, they can guide you with the correct process to make sure that any changes you've done doesn't affect the accuracy of your financial records. 

 

Furthermore, QuickBooks downloads the latest transactions and suggest categories based on how you categorized similar transaction. Learn how to review and categorize downloaded transactions using this article: Categorize Online Bank Transactions In QuickBooks Online.

 

You can always get back to us if you have any questions with manual uploading of transactions. I'm always right here to help you anytime.

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