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peninsulavanrepa
April 25, 2022
Question

Why is some but not all of my customer payments allocated to "Sales of Labour" record as a negative amount in this account?

  • April 25, 2022
  • 2 replies
  • 0 views
Some of the bank transfers are recorded as payment, subtracting from the Sales of Labour, some of the transfers are recorded as deposit, adding to the Sales of Labour account.

2 replies

Rubielyn_J
Rubielyn_J
April 25, 2022

Welcome to the Community space, @peninsulavanrepa. Let me clarify things for you. 

 

The transactions recorded in QuickBooks depend on how you categorize them. To fix this, undo and recategorize the transactions.

 

To begin, let's make sure that if it is payments or deposits, match it with the existing transactions in QuickBooks Online. Match means QuickBooks matched the downloaded data with the one you already entered. This links them together so that you don't get duplicates.

 

Here's how:

  1. Find a downloaded transaction with the Match option in the Action column.
  2. Note the Date, Description, Payee, and amount spent or received.
  3. Choose the downloaded transaction to expand the view.
  4. Review the Matching records found in QuickBooks. 
  5. Click 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, or Bank account fields on forms for the existing transaction in QuickBooks. 
  7. If this is the correct match, close the open transaction.
  8. Click Match.

 

If it is a transfer, you have to select bank to bank as the category. For more info, you may check out this article: Categorise and match online bank transactions in QuickBooks Online.

 

I'm also adding this resource you may find helpful for future task in managing your bank accounts: Reconcile an account in QuickBooks Online.

 

Keep me posted if you have other questions about handling your banking data in QuickBooks. I'll be more than happy to help. Take care!

P
peninsulavanrepaAuthor
April 27, 2022

Thanks for the response. I am having trouble finding the correct area to amend the "Downloaded Transactions" -> Amend

 

I think I need to look into some further training in the use of Quickbooks to understand the correct workflow for my invoicing and allocation.

 

Regards,

Cam

JenoP
JenoP
April 27, 2022

Thanks for getting back here, Cam. I'll help you make sure that the transactions are recorded accurately.

 

First, I'd like to let you know that the information your seeing in the Online Banking section is exactly the same details that shared by your bank. You'll want to reach out to them to check why some of the sales transactions are showing as negative and transfers as deposits.

 

Second, you can use the Exclude function since there's no Amend button for downloaded transactions. Once done, manually record the sales or deposits transaction to maintain an accurate bookkeeping.

 

Here's how:

 

  1. Go to the Bookkeeping or Transactions menu, then select Banking.
  2. Proceed to the For Review tab.
  3. Select the transactions to exclude by checking the boxes before them.
  4. Click Exclude.

 

Please use this article as your reference: Exclude a Bank Transaction you Downloaded into QuickBooks Online.

 

After that, manually record the payments and deposits like you normally would to maintain an accurate record.

 

I also want to share these articles with you to add more references about the invoicing workflow in QBO:

 

 

Please don't hesitate to reply or tag me if you have follow-questions. I'd be glad to jump right back and help you again. 

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