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Zsolt1
October 15, 2024
Solved

Reconcile help

  • October 15, 2024
  • 1 reply
  • 0 views

Hi,

I have a littlebit of issue with the bookkeeping, when i do reconcile then QB double count the expenses there every time, So let me explain.There is an expense from my bank card when i purchase an item/part and also an expense for the same item/part when i invoice it for my costumer as "billable expense for client". This also appears in reconcile as an expens (invoice -debtors), and when i get a payment it is there once, so it double counts now the same expense(1, expense from business card and 2, as a charge for the client on the invoice)

If i unclick all the invoices at reconcile then its perfect "difference is 0) but if i tick any invoice as well then the difference is well over 0, It must be some silly thing i recon but i cant figure it out. If anyone would have an idea please share it.It looks like the category i have on the invoice "billable expense for client" is getting counted as a different expense but also other "service" or "maintenance" as well, like these categories are doesn`t know they are the same.

Im a very beginner so please explain the solution thoroughly. Thank you

Best answer by KimberlyS

I'll help you remove duplicate entries so you can reconcile your accounts accordingly, Zsolt1. Allow me to discuss the detailed process here to get you started.

 

When reconciling your bank account in QuickBooks Online, you will only see transactions that affect that specific account on the reconciliation page. This means only the expense and invoice payment will be displayed during the process. An invoice transaction will be included if the income account associated with the item is the bank account being reconciled. You can change it through these steps:

  1. Head to the Gear icon at the top.
  2. Choose Products and services under List.
  3. Locate the item, then click Edit.
  4. In the Income account dropdown, pick the appropriate income account to use. If you cannot see the account, ensure its details type is Sales of Product Income.
  5. Select Save and close.

 

If you have an existing entry utilizing this item that you want to update, refer to this article: Change the account for a product or service item in QuickBooks Online.

 

Moreover, only reconcile cleared transactions present in your bank statement. If you notice a duplicate from your bank and within QuickBooks, you'll want to match them instead. You can begin by undoing the categorisation of that specific entry.

 

Here's how:

 

  1. Click Transaction, then Bank Transactions.
  2. In the Categorised tab, tick the box beside each duplicate entry.
  3. Select Undo.

 

After that, match your income and expenses accordingly with the guide of this material: Match online bank transactions in QuickBooks Online.

 

On the other hand, you might want to scan this resource to review a summary of your reconciliation: View, print, or export a reconciliation report in QuickBooks Online.

 

Please let me know and tag me in the comment below if you require future help with the reconciliation process in QuickBooks Online. I'll be right here to offer further assistance.

1 reply

K
KimberlySAnswer
October 15, 2024

I'll help you remove duplicate entries so you can reconcile your accounts accordingly, Zsolt1. Allow me to discuss the detailed process here to get you started.

 

When reconciling your bank account in QuickBooks Online, you will only see transactions that affect that specific account on the reconciliation page. This means only the expense and invoice payment will be displayed during the process. An invoice transaction will be included if the income account associated with the item is the bank account being reconciled. You can change it through these steps:

  1. Head to the Gear icon at the top.
  2. Choose Products and services under List.
  3. Locate the item, then click Edit.
  4. In the Income account dropdown, pick the appropriate income account to use. If you cannot see the account, ensure its details type is Sales of Product Income.
  5. Select Save and close.

 

If you have an existing entry utilizing this item that you want to update, refer to this article: Change the account for a product or service item in QuickBooks Online.

 

Moreover, only reconcile cleared transactions present in your bank statement. If you notice a duplicate from your bank and within QuickBooks, you'll want to match them instead. You can begin by undoing the categorisation of that specific entry.

 

Here's how:

 

  1. Click Transaction, then Bank Transactions.
  2. In the Categorised tab, tick the box beside each duplicate entry.
  3. Select Undo.

 

After that, match your income and expenses accordingly with the guide of this material: Match online bank transactions in QuickBooks Online.

 

On the other hand, you might want to scan this resource to review a summary of your reconciliation: View, print, or export a reconciliation report in QuickBooks Online.

 

Please let me know and tag me in the comment below if you require future help with the reconciliation process in QuickBooks Online. I'll be right here to offer further assistance.

    Z
    Zsolt1Author
    October 17, 2024

    Thank you @KimberlySfor your help, it solved the main issue, although I ran into another type of duplicate now. It’s in the cash account. So what I normally do is I take cash out of my card and spend it on "electric meter top up" and charging my client for the cost of the top up let’s say £70. After that in QuickBooks in the bank transactions I transfer the £70 expense to the "cash in hand" account and add the receipt to this account by creating an expense, so its nicely shows the balance there. The issue here is I can match the expense on my card (ATM withdraw) with the invoice OR transfer the expense to the cash account (as deposit) but I can’t find the way to match it with the invoice and transfer it as well. I tried to match the expense on the cash account but there is no option there to do so (least I couldn`t find it). I also tried to create bank deposit instead of the transfer but it’s a same result. Because I can’t match it to both (invoice and transfer) it’s a duplicate or its not on the cash account. Please let me know if you know the solution for this as well.

    Thank you

    R
    RhoiceW
    October 17, 2024

    It's good to hear that our colleague was able to solve your concern, Zsolt. Allow me to help you in matching your duplicate transaction in your cash account.

     

    To effectively match your duplicate transactions, you don't need to transfer each one to another account. Here are the detailed steps for recording your transactions.

     

    To start, you'll need to record the ATM withdrawal as a bank deposit with a negative amount on the line item. You'll now then link it to the credit card where it was taken from.

     

    Next, you'll need to create an expense for the Electric meter top up. After that, create an invoice for the amount that you've taken, then mark the invoice as paid and link to your Cash account.

     

    Once you've completed these, you'll be able to match the duplicate transactions to your account.

     

    Additionally, you can exclude bank transactions in QBO whenever you want to.

     

    Let me know if you have further questions about matching transactions. I'm here to help.

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