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stuety
January 8, 2024
Question

Transfer Payment from Checking to Credit Card

  • January 8, 2024
  • 2 replies
  • 0 views

Hi

Hoping someone can help me clear this up. I make payments to my credit card from my checking. it looks like I have duplicate transactions in both accounts (all in 2019). some reconciled and some not and some in undeposited funds.

I tried deleting the duplicates, however, it messed up my QB balances and I can't reconcile now.

I have duplicates in my checking - 17 line items for each transfer marked as cleared and a duplicate transaction as one lump transfer which totals those 17 line items. so the items are in my checking register as being paid twice.

then in my credit card register I have line items for receiving those transfers, all 17 line items are reconciled but the account says undeposited funds.  I have the duplicate 17 line items not reconciled and the account says checking.

if I go to my undeposited funds register, it says $0 balance. also if I go to +New / bank deposit, there are no items listed. 

hopefully this makes sense

thank you

2 replies

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SheandL
January 8, 2024

Hello there, @stuety.

 

I acknowledge the importance of resolving this issue regarding messed up QuickBooks balances. Let me share some details on how to fix this matter. Before anything else, I would like to ask for further information about how you processed the transfer transactions. This will help me roll out a satisfactory resolution.

 

To address and fix the problem, you will have to work on reconciling each account separately. Also, we need to clarify where the funds come from. We need to categorize these properly to avoid getting any duplicate transactions. If you've used online banking to transfer these, we can undo and exclude the same transactions to prevent duplicates. If your entry was added manually, you have to match it to the transaction from the online banking.

 

Furthermore, you can undo the reconciled transactions and categorize the transactions correctly. To do so, you can follow these steps:

 

  1. Go to Transactions, then Bank Transactions. 
  2. Select the bank account you want to review. 
  3. Select the For Review tab to check. 

 

You can check this article to learn how to categorize your transactions properly: Categorize online bank transactions in QuickBooks Online.

 

Moreover, you can visit this article to learn how to use bank rules since it will automatically categorize transactions for you: Set up bank rules to categorize online banking transactions in QuickBooks Online.

 

You can always get back to us if you have further questions about your concern. We're always glad to assist you.

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stuetyAuthor
January 9, 2024

thank you for your response.  The original transaction was done through online banking (not manually). 

so the first step would be to go through and find each transaction and change it from "reconciled" to "unreconciled"?  then they would show up in my bank transactions again, right?  next step would be to classify the correct transaction to the correct bank account (ie. checking instead of undeposited?)  then what do I do with the duplicates? 

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SheandL
January 9, 2024

Thanks for the clarification, @stuety. Let me share some additional information about your concern.

 

You're on the right track. Since the transactions were done via online banking, we need to unreconcile them first to make them appear on your bank transactions list. Then, we'll categorize them correctly. After unreconciling, you'll need to undo the transactions to avoid duplicates and match them accurately. Once this process is done, rest assured that the duplicates will no longer appear.

 

To prevent any duplicate entries in the future, it's advisable to choose the Match instead of selecting Add option. When you choose Match, the system will automatically look for existing records and notify you if a match is found. This way, you can decide whether to add the new entry. Following this method can ensure data accuracy and save time in the long run.

 

Afterward, we can reconcile them with the correct categorization and classify the accurate transactions to the proper bank account so they won't appear on the Undeposited Funds register. 

 

To prevent any unnecessary changes in your books, you can visit this article in the future: Close your books in QuickBooks Online.

 

If you have further questions, you can always get back to us by replying to this post. We're always here to assist you.

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stuetyAuthor
January 9, 2024

can I unreconcile them just by going to the line item in the register and changing it from R to blank?  and should I do that for both the credit card register and checking account register?

 

it looks like QB is automatically matching money when it comes in and putting it directly to undeposited funds. but I dont have any deposits listed when I go to +new/bank deposit. should that be happening?

 

thank you

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Ethel_A12
January 9, 2024

Hello there, @stuety.

 

I'll help you undo the reconciliation of a transaction by just changing the status from R to C or blank in QuickBooks Online.

 

Yes, you can unreconcile a transaction from 2019 in QuickBooks Online (QBO). 

 

To do this, follow these steps:

 

  1. Navigate to the Accounting or Transactions tab in QuickBooks Online.
  2. Select Chart of Accounts and locate the account where the reconciled transaction is recorded.
  3. Click on the account to open the register.
  4. Locate the reconciled transaction from 2019 that you want to unreconcile.
  5. Change the status of the transaction from R (reconciled) to blank or C (cleared). This action will mark the transaction as unreconciled.
  6. Save the changes, and the transaction will now be unreconciled.

By following these steps, you can unreconcile a transaction from 2019 in QuickBooks Online, allowing you to make adjustments to the reconciliation status as needed.

 

Before you proceed with unreconciling in QuickBooks Online, I recommend reaching out an accountant, as this can get tricky, and they know how to handle the next steps. If you don't have one, click this link: Find an accountant.

 

Moreover, I'm adding this article to guide you with other fixes for any reconciliation errors: Undo or remove transactions from reconciliations in QuickBooks Online. 

 

Don't hesitate to click the Reply button below if you have questions about unreconciling an account in QuickBooks Online. I'm always here to help. Have a great day.

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