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usercompasstreasurer
November 1, 2020
Solved

In our transactions imported from our bank acct there is an etransfer received showing in quickbooks but this does not show in the bank account. Why would this happen?

  • November 1, 2020
  • 1 reply
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Best answer by Rebecca R

I appreciate the update on this usercompasstreasurer and thank you for checking in with your bank. That's an important part of this process. Using the bank feeds in QuickBooks Online is a fantastic way to streamline the process of adding and categorizing transactions, but it's crucial to ensure that you're adding transactions that can be tracked back to your bank or credit card accounts.

 

Since you said you've identified two e-transfers in your QuickBooks bank feed in the amount of $400, but only one on your bank statement, you could be right in your guess that these are related. However, the bank feed is pulling data directly from your bank account, so if your bank statements are not showing those two transactions in the amount of $400, it's possible that one in QuickBooks is a duplicate. 

 

The best way to handle a duplicate transaction is to exclude it from your feed. This ensures that you aren't entering transactions into your books twice that could throw off the balance. To exclude a transaction, simple check the box to select it, then hit Exclude. Once you've done that, this transaction will be found in the Excluded tab of your bank feed. If you find the transaction on your bank statement, or you realize that you want to record it in your books at a later date, it's easy to reverse the exclusion. Navigate to the Excluded tab, identify the transaction and press the blue Undo button to the right. That sends it back to the For review tab for you to categorize it as you see fit.

 

I know you'll have that extra transaction handled in no time so you can get back to business. Have a great day!

1 reply

L
LauraAB
November 2, 2020

Hello usercompasstreasurer,

 

It's good to hear that you're comparing your transactions from the QuickBooks Online banking feed to your bank account even as your categorizing and matching transactions. It's a superb way to make sure that what you're seeing in QuickBooks matches what's in your bank. I can help you with this.

 

This is an interesting situation since you're seeing the transaction in your QuickBooks banking feed, but not in your bank account. In this case, I recommend starting by logging into your bank account website to verify that there aren't any filters or settings there that might be preventing you from seeing the transaction. If there aren't, the next step in contacting your banking website's support team to learn what might be going on with the transactions you're seeing there.

 

Verifying things on the bank's end first is important because that's where the transaction is missing. QuickBooks Online's feeds pull information into the program based on data it's received from your banking site. What you can also check out on the banking website is the CSV or digital statement file to see if the e-transfer transaction you're seeing in QuickBooks is on there as well.

 

Once you've had a chance to check in with your bank, feel free to come back here to let me know how it went. I'll be around if you need more assistance from the QuickBooks side of things.

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usercompasstreasurerAuthor
November 4, 2020

Thanks for your reply!  I checked in with the bank and also reviewed the CSV file but the e-transfer does not seem to show anywhere through the bank.  This e-transfer was for $400 and there was another one received the same day for $400 that is showing both in quickbooks and in the bank account.  Is it possible that somehow that's related?  Maybe the e-transfer sender made an error, recalled and then re-sent but quickbooks is still picking up both?

Rebecca R
Rebecca RAnswer
November 4, 2020

I appreciate the update on this usercompasstreasurer and thank you for checking in with your bank. That's an important part of this process. Using the bank feeds in QuickBooks Online is a fantastic way to streamline the process of adding and categorizing transactions, but it's crucial to ensure that you're adding transactions that can be tracked back to your bank or credit card accounts.

 

Since you said you've identified two e-transfers in your QuickBooks bank feed in the amount of $400, but only one on your bank statement, you could be right in your guess that these are related. However, the bank feed is pulling data directly from your bank account, so if your bank statements are not showing those two transactions in the amount of $400, it's possible that one in QuickBooks is a duplicate. 

 

The best way to handle a duplicate transaction is to exclude it from your feed. This ensures that you aren't entering transactions into your books twice that could throw off the balance. To exclude a transaction, simple check the box to select it, then hit Exclude. Once you've done that, this transaction will be found in the Excluded tab of your bank feed. If you find the transaction on your bank statement, or you realize that you want to record it in your books at a later date, it's easy to reverse the exclusion. Navigate to the Excluded tab, identify the transaction and press the blue Undo button to the right. That sends it back to the For review tab for you to categorize it as you see fit.

 

I know you'll have that extra transaction handled in no time so you can get back to business. Have a great day!

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