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C
casscountyconser
February 24, 2020
Question

Why are my deposits showing up as a minus

  • February 24, 2020
  • 3 replies
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Original commenter did not share additional details

3 replies

A
ATOZBOOKS
February 24, 2020

Are you importing transactions directly from the bank or are you posting the deposits manually?

 

How are you processing them? Do you have a screenshot?

 

If you would like to discuss one on one, feel free to contact me.

 

-Lubov Bogopolskaya

A/Z Bookkeeping

    D
    dgmarshall2002
    February 26, 2020

    I am doing my Deposits manually on my Deposit Register.

    I do not use Quickbooks to print checks or make deposits

    or anything like that. I use Quickbooks to keep a record of

    what I do in the real world with my check book and deposit

    book. I do this for end of the year Tax Prep.

    When I print out my Deposit Detail, all of my Deposits are showing

    as being a negative. When I print out my Profit and Loss page

    the Deposits correctly show up as Income. I really wish I could talk

    with someone on the telephone for help. Thank you.

    R
    Rea_M
    February 26, 2020

    Hello there, dgmarshall2002.

     

    Thank you for providing complete information on how you record your deposits to keep your QuickBooks account up to date.

     

    The deposit transaction amount will show as negative based on the category type or the posting account where you deposit them. 

     

    Once the account category is income, then the Bank deposit will result in a positive value. If it's categorized under expense, then it'll result in a negative total because it'll be deducted to your account. You can check each of your deposit accounts to verify where they're categorized by pulling up the Deposit Detail report.

    1. Go to the Reports menu.
    2. Type Deposit in the search box, then select Deposit Detail.
    3. Set the Report period.
    4. Click Run report.
    5. Locate and click the Deposit under the Transaction Type column.

    Once done, you'll be routed to the Bank Deposit transaction window. From there, double-check the account you used when you make your deposit.

     

    To keep your accounts accurate, I'd suggest doing reconciliation every month to detect discrepancies. You can refer to this article for the detailed steps: Reconcile an account in QuickBooks Online. It also contains information on how you can change your past reconciliations in QuickBooks.

     

    Please let me know if you have other concerns. I'm just around to help.

     

     

     

    KlentB
    KlentB
    February 24, 2020

    I'm here to help you resolve this, casscountyconser.

     

    Usually, this happens if you have a large credit card refund that exceeds your new credit card sales on a particular day. If you have a negative deposit by your merchant services processor, you'll need to move the expected deposits from the Undeposited Funds account to the appropriate bank account via Journal Entry. Then, we'll have to group it with the payments to create a $0 deposit and remove the payment from Undeposited Funds account. 

     

    Before diving in, let's make sure that you're using the Accountants view so that you'll have the option to create a journal entry:

    1. Click the Gear icon.
    2. Choose Accounts and Settings.
    3. Select the Advanced tab.
    4. Under the User View section, click the Pencil icon.
    5. Select Accountant view from the drop-down menu.

    Here's how to create a journal entry:

    1. Click the + New icon.
    2. Choose Journal Entry.
    3. Enter the Date of the transaction.
    4. On the first line, select Undeposited Funds from the drop-down list in the Account column.
    5. In the Debits column, enter the amount of the deposit.
    6. On the second line, select the appropriate bank account from the Account column drop-down list.
    7. In the Credits column, enter the amount of the deposit.
    8. Hit Save and close.

    This process will record the deposit as a deduction from the bank.

     

    Once done, you can follow the steps below in grouping the journal entry to the payments:

    1. Click the + New icon.
    2. Choose Bank Deposit.
    3. Select the payments and the Journal Entry you created (the total should be zero).
    4. Hit Save and close to complete the process.

    If you use journal entries to record your recent transactions, you can refer to this article in printing a single journal entry or multiple entries on one report: Print a journal entry report.

     

    You can always find me here if you have further questions or concerns about deposits. Please don't hesitate to tag me in your comments.

    Jessica_young
    Jessica_young
    January 4, 2021

    Happy to have you in the Community, @btracy.

     

    I appreciate you taking the time to provide the attached screenshot.  if you're experiencing the same issue as the previous customers on this thread, you can follow the steps shared by @Rea_M.

     

    If you have followed the outlined steps, and are still experiencing this issue, I'd love to hear more about what you tried so we can explore other options.

    I look forward to hearing from you! Take care.

    MaryLandT
    MaryLandT
    January 4, 2021

    I hope you're doing well, btracy.

     

    Let's review your bank statements and compare each transaction with what's recorded in QuickBooks. Make sure you entered everything into QuickBooks. If your accounts are connected to online banking, review and categorize all of your downloaded transactions.

     

    If you've already reconciled an account, here are the reasons why the balance is negative:

     

    • Someone entered an incorrect ending balance at the start of the reconciliation.
    • There are missing or duplicate transactions in QuickBooks.
    • Someone entered transactions into QuickBooks that haven't cleared your bank yet.

    To fix this, you can review the opening and beginning balance. Make sure they're correct. Once you know these are accurate, you can start checking the ending balance you've entered.

     

    Feel free to read this article to learn how to resolve a negative balance: Fix issues at the end of a reconciliation in QuickBooks Online.

     

    Stay in touch with me if you need anything else by commenting below. I'm always glad to help you.

    P
    Paras1
    June 4, 2021

    I have the same issue. When checks post they are posting negative transactions. Incoming wires are also often posting negative. Sorry, but it seems this thread seem to brush off customer concerns. The rationale offered is not a likely cause:

    -Usually, this happens if you have a large credit card refund that exceeds your new credit card sales on a particular day. 

    -Someone entered an incorrect ending balance at the start of the reconciliation.

    -misclassification of account.

     

    If this is due to file corruption then I need higher level support to rectify this please. I don't know what it is but I need help in fixing this. I have spoken to customer care but the issue has not been resolved. I am the accountant.

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