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DSG1
November 29, 2020
Solved

Cancelled Etransfer payment

  • November 29, 2020
  • 3 replies
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A bill was paid by etransfer but the incorrect total was recorded on the transfer payment so the supplier declined the payment.

The bill was then paid the next day with a different etransfer payment that was accepted so it has been paid and processed in Quickbooks.

Not sure what to do with the two transactions left in the downloads from the cancelled etransfer.

There are identical sums of money in the "Spent" and "Received" columns that need to be processed but they do not belong to anything.  How do I process these two transactions?

Thanks for your assistance!

 

 

Best answer by DSG1

Thanks so much Rebecca for all the detail that you put in your response!

A much easier solution than I expected and I have now excluded both of them.

What will happen when I reconcile the account? Will the two excluded transactions appear in the reconciliation and have to be dealt with then? 

They will definitely show on the bank statement. If they reappear then, what do I do with them?

Thank you for your time and patience!

I am very much a novice with Quickbooks and rely on feedback and direction like you are giving me!

3 replies

Rebecca R
Rebecca R
November 30, 2020

Hi there DSG1,

 

Thanks for being a member of the QuickBooks family! I love that you're making the most of the bank feeds feature in QuickBooks Online. It allows you to easily add or match transactions into your books straight from your bank statement. The situation you're describing is one that can easily occur, so luckily there's an easy way to handle these  transactions. Let me explain.

 

Since an e-transfer in the correct amount has been sent to your supplier and matched to a transaction within QuickBooks, the two that are remaining in the For Review tab don't need to be associated with a transaction. They won't impact your books in any way as the amounts cancel each other out. The best course of action here is to select the check box for the incorrect e-transfer and the returned amount and select Exclude.

 

Excluding these transactions simply moves them from the For Review tab to the Excluded tab of the Banking or Transactions menu. If at some point you decide you'd like to add the transactions into QuickBooks, you can simply navigate to the Excluded tab and click the blue Undo from the Action column for each transaction. This brings them back to the For Review tab for you to categorize.

 

Have a great day! 

D
DSG1AuthorAnswer
November 30, 2020

Thanks so much Rebecca for all the detail that you put in your response!

A much easier solution than I expected and I have now excluded both of them.

What will happen when I reconcile the account? Will the two excluded transactions appear in the reconciliation and have to be dealt with then? 

They will definitely show on the bank statement. If they reappear then, what do I do with them?

Thank you for your time and patience!

I am very much a novice with Quickbooks and rely on feedback and direction like you are giving me!

Rebecca R
Rebecca R
November 30, 2020

I'm glad you found my response helpful @DSG1! It's our goal to make navigating QuickBooks an easy process, and I'm here to help along the way. When it comes time to reconcile your account, those two excluded transactions won't appear in the reconciliation as they haven't been added into QuickBooks yet. The only way they would appear in the reconciliation is if you Undo the exclusion and add them to your books.

While they'll appear on your bank statement, the balance between QuickBooks and your statement shouldn't be any different since the amounts of those two transactions cancel each other out. You'll just have to keep that in mind so that you know why those are missing from your reconciliation when you compare QuickBooks against your statement. 

I hope this is clear. Don't hesitate to reach out if there's anything else I can help with!

M
marueber
May 11, 2021

exactly how do i treat a e transfer refused....if i go to the bank and pay it with the transfer it cancelled the customers invoice for me but somehow without making another invoice i still need to pay that bill down the line

M
marueber
May 11, 2021

how do you exclude a refused e transfer and process the payment still owing

J
JamesM4
May 11, 2021

Hello marueber. I appreciate you chiming in on this thread. It's essential you're able to record your transactions the right way in order to ensure accuracy in your books. I recommend contacting an accounting professional for expert advice on how to proceed with handling the cancelled e-transfer. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here. Feel free to ask other questions.

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