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R
RAJD_7
August 30, 2020
Question

Bank Transactions not transferred to Dummy Account

  • August 30, 2020
  • 1 reply
  • 0 views

Since, my client has transaction on CAD & USD and has set USD as home currency. Client has connected online banks to quickbooks online.  As quickbooks does not provide matching option for online foreign currency Banks  on receipts and payments from Debtors and vendors respectively except in some cases. Therefore, as suggested here in community, i have created DUMMY Account to route and match transactions of foreign banks with suppliers and customers. But recently, when i transferred amount from one of the foreign banks to dummy accounts, instead of crediting the dummy account it is debited by the amount transferred and to my surprise, those amount selected and transferred still appears in the bank feeds for review as well. Pls Help!!.

1 reply

M
MirriamM
August 30, 2020

Thanks for reaching out to the Community, @RAJD_7.

 

QuickBooks Online (QBO) is a read-only app. The data we receive in QuickBooks depends on the information sent to us by the financial institution. 

 

When doing a transfer in the Banking page, the transaction should no longer be showing on the For Review tab. To isolate the issue, kindly check if the one still displaying is not a duplicate. 

 

Moreover, when transferring funds from one account to another, you can create a transfer transaction instead. The Transfer option in the Banking page means that you made a transfer from one bank account to another bank account (or credit card account). It’s not for entering an income or expense account to the transaction.

 

Thus, you can create a Transfer transaction to transfer money. Here's how:

  1. In the left menu, click the + New button.
  2. Under Other, pick Transfer.
  3. From the Transfer Funds From the drop-down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop-down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. (Optional) Enter a description of the transfer in the Memo field.
  8. Hit Save and close.

You can refer to this article for more details: Categorise and match online bank transactions in QuickBooks Online.

 

If you have any clarifications, let me know by commenting below. I'll get back to you. Stay safe and healthy!

R
RAJD_7Author
August 31, 2020

Thanks for your reply!!.

  I can manually transfer the funds from one account to another as provided by you. As my client is using online banking, i need to match/review all the transactions. If i transfer manually then i must leave transactions on bank feeds without matching. 
To clarify, i have checked bank transactions and their are no duplicate transactions. Here, i am simply transferring funds from one bank to another and not trying to enter income or expense account in transaction.

My issue is " when i transfer amount from banks ,by selecting transfer option, into dummy accounts, instead of  amount transferred being credited (showing as received) into the dummy account it is debited(showing as paid) by the amount transferred and to my surprise, this same amount selected and chose to transfer by selecting transfer option in bank feeds still appears in the bank feeds for review as well".

C
ChristieAnn 11
August 31, 2020

Hi there, RAJD_7.

 

Thank you for coming back and providing additional clarification on the issue.

 

Since the entries you've transferred still appears in the bank feeds for review, I suggest using another supported browser. This is to verify if the same thing happens.

 

If the problem continues to occur, I recommend contacting our QuickBooks Support Team. They have the tools to pull up your account to investigate and see the cause of the issue.

 

1. Open your QuickBooks Account.

2. At the top right, click the Help icon.

3. Click Contact Us.

4. Under What can we help you with?, enter any concern about entries still show in the For review after selecting the transfer option.

5. Click Let's Talk.

6. You'll be routed into the Choose a way to connect with us page.

7. Select how you want to contact them and fill in the information.

 

Please check this article to see different ways on how you can create a transfer between two accounts: Transfer funds between accounts.

 

Keep me posted if you have any other concerns or questions. Have a great rest of the day.

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