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March 31, 2023
Question

Quickbooks read my statement wrong and categorized deposits as expenses

  • March 31, 2023
  • 1 reply
  • 0 views

My statement says that transactions were deposits, but for some reason Quickbooks recorded them as expenses. It won't let me change it to a deposit and I can't reconcile the account. Is there a way to fix this?

1 reply

April 1, 2023

It's a pleasure to have you here in the Community, @Danielsder. We extend a hearty greeting and assure you that everything is in order. I'll walk you through the procedures and share information to clarify any confusion.

 

Once the transaction is reflected on the For Review, modifying them won't be possible anymore. Instead, you can exclude them and re-import the transaction in the correct format.

 

To exclude the transactions, follow the steps below:

 

  1. Go to Bookkeeping, choose Transactions, then click Banking.
  2. Select the For Review tab.
  3. Select the transactions to be excluded by checking the box. To select all transactions, check the uppermost checkbox.
  4. Click Exclude.

 

For detailed information, refer to this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

On the other hand, CSVs can be uploaded in either 3-column or 4-column formats. QuickBooks can only handle these columns in this sequence. These are the differences in the format:

 

1. The 3-column format

  • This format includes the DateDescription, and Amount columns.

2. The 4-column format

  • This format includes the DateDescriptionCredit, and Debit columns.

 

Please keep in mind to fine-tune the formatting for credit card accounts.

 

  • CSV files for credit card accounts may show transactions in reverse order. Deposits, for example, may show as negative numbers because paying off your credit card lowers your balance.
  • When uploading the file into QuickBooks Online, ensure you choose the proper credit card account (not a bank account) to ensure that these transactions are integrated accurately.

 

You can visit this article for detailed information: Format CSV files in Excel to get bank transactions into QuickBooks.

 

I'm adding this article for your future reference if you encounter some error when importing your file: Common errors for importing bank transactions using CSV.

 

For additional QuickBooks-related concerns, don't hesitate to post them here in the Community. We're always available and willing to lend a hand to your queries. Have a great day ahead.