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Kyle C
February 24, 2024
Question

Check deposited into bank is showing up as an expense

  • February 24, 2024
  • 1 reply
  • 0 views

I read a post saying that you just exclude the transaction, but I only see a way to exclude it from the transactions. I guess I am fine just excluding it but why would a deposit show up as spending in the transaction tabs in the first place? For reference, the deposit was a check deposited into the bank account, and hasn't fully cleared the bank yet at the time of posting this. This is my first deposit made while on this platform so is this something that will have to be done for all deposits?

1 reply

R
ReymondO
February 24, 2024

Hey there, @Kyle C.

 

I'd be glad to share insights about downloaded transactions in QuickBooks Self-Employed (QBSE).

 

How transactions are reflected in the Transactions menu depends on data submitted by your bank. Since the deposit is showing as an expense instead of income, I'd suggest excluding it. This way, QuickBooks won't include it as part of your tax calculations or financial reports. Here's how:

 

On a web browser

  1. Go to the Transactions menu.
  2. Find the transaction you want to exclude and click it to expand the view.
  3. Select the Exclude this transaction checkbox.
  4. Click Save.

 

On an iPhone or iPad (iOS) or Android phone or tablet

  1. Go to the Transactions menu. On Android, select the menu ☰ icon and then Transactions.
  2. Click the transaction you want to exclude.
  3. Select Exclude transaction.

 

To keep your bank data updated, you can manually import the correct transaction using a CSV file. When you're done, review and categorize your transactions to put them in your accounts.

 

In addition, you can create and manage category rules to quickly categorize common expenses and income in QBSE.

 

If you have follow-up questions about managing downloaded banking transactions, just add them to the thread. I'd be happy to assist you further.

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