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SarahDC
September 17, 2021
Question

Recording a bank adjustment

  • September 17, 2021
  • 3 replies
  • 0 views

Hello:

 

Recently, one of our employees made a mobile deposit for us. The deposit was in the amount of $14400.00 however, when they entered the amount, they put it in as $1440.00. The bank made the adjustment after seeing the mistake. Currently, I have two entries in my banking section (see image). 

This was one check, covering multiple invoices. I have no clue how to fix this with matching, etc. Can someone help me with how to fix this? 

Thanks,

Sarah

3 replies

Rubielyn_J
Rubielyn_J
September 17, 2021

It's a pleasure to have you here, @SarahDC. I can share with you some information to and match bank deposits to multiple invoices in QuickBooks.

 

We can utilize the Find match feature and link the multiple invoices. Let me show you how:

 

  1. On the Banking page, find a downloaded transaction with the Match option in the Action column.
  2. Note the Date, Description, Payee, and amount spent or received.
  3. Click the downloaded transaction to expand the view.
  4. Review the Matching records found in QuickBooks. 
  5. Select the link next to each match to get more details.
  6. Make sure this is the correct match. In particular, review the Deposit to, Payment method, and Bank account fields on forms for the existing transaction in QuickBooks.
  7. Choose the Find match option. 

 

For detailed steps, please see this resource: Categorize and match online bank transactions in QuickBooks Online.

 

If you're unable to do the process. You can exclude and make sure that the total invoice payments deposited in the register are equal to 14400. For more information, you may review this article: Exclude a bank transaction you downloaded into QuickBooks Online. 

 

Additionally, I've attached this link to help you reconcile your accounts so they always match your bank and credit card statements.

 

Let me know if there’s anything else I can help you with about banking concerns in QuickBooks by hitting the Reply button underneath. I’ll be right here to assist further. Enjoy the rest of the day. 

S
SarahDCAuthor
September 17, 2021

Thanks but I know how to match bank transactions. My question was how to do so when there was a bank adjustment for a check. 

A
AbegailS_
September 17, 2021

Hi there, Sarah!

 

Thank you for the detailed information.

 

Allow me to step in and help you match your transactions.

 

In QuickBooks, we can match a bank transaction to multiple recorded entries. On the other way around, matching multiple bank transactions to an entry isn't possible.

 

You'll have to exclude both transactions and manually reconcile the entry from your register. 

 

To exclude/delete:

  1. Choose Banking.
  2. Select Bank Feeds then Bank Feeds Center.
  3. In the Items Reviewed section, select the name of the account with the transactions you wish to remove.
  4. Choose the Select Items to Delete button.
  5. Select the transaction(s) you wish to delete.
  6. Select the Delete Selected button.
  7. Confirm deleting the transaction(s) by selecting Yes. 

Also, I'm adding these articles that you can use as reference in reviewing and categorizing your bank transactions:

 

Please leave a comment if you have other questions about managing your bank transactions. I'm always here to help.

 

T
tomparker84
December 19, 2021

I am facing the same issue and the answer here does not address the problem.  I would love to match the adjustment with the original deposit but there is no way to do that.  Can you guys provide an appropriate answer to this question please?

RenjolynC
RenjolynC
December 20, 2021

Thanks for chiming in on this thread, tomparker84.

 

Let me share an additional info regarding your situation.

 

As what my colleague AbegailS mentioned above, we're unable to match multiple downloaded transactions to a single transaction recorded in QuickBooks. 

 

Instead, what you can do is exclude the transactions in your banking page by following these steps:

 

  1. Go to Transactions > Banking.
  2. In the For review tab, put a check mark on the duplicate transactions.
  3. Click the Exclude button.

Here's a sample screenshot for a visual reference:

 

 

After excluding these transactions, you can delete them in the Excluded section.

 

Once done, manually clear the transaction you've recorded in QuickBooks in the bank register page. 

 

Here's how:

 

  1. Go to Accounting > Chart of accounts.
  2. Click the View register link where the transaction is posted.
  3. Select the transaction to expand the options.
  4. Under the Reconcile column (indicated by a checkmark), click the blank field until it shows the letter C. C means cleared from the bank and R means reconciled. 
  5. Hit Save once done.

When you're ready to reconcile the account, you can watch a video tutorial in this link: Reconcile an account in QuickBooks Online

 

To help manage your future transactions, please feel free to read this article: Categorize and match online bank transactions in QuickBooks Online.

 

If you have any additional questions or need help with other concerns in your account, please let know in your reply. I'll be around to help you out some more. Take care and stay safe!

D
Doug-Expandia
September 19, 2023

I made a deposit of $153,132 which included several checks, one of which was for $1,114 which the bank read as $1,114 as $114. They placed a hold on all of the checks even though it was their error. They later credited the $1,000 so the bank showed two deposits, one for $152,132 and another for $1,000 whereas QuickBooks had $153,132.

 

I changed the deposit in QuickBooks from going to the regular checking account to apply it to a pseudo checking account which I called Virtual Bank, and the entire credit of $153,132 went to Virtual Bank.

 

I then transferred $152,132 from the Virtual Bank to the regular checking account, and another transfer from Virtual Bank to the regular checking account of $1,000, and that was a simple solution that worked.

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