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davetileliquidators
December 21, 2023
Question

How to record negative credit card batch transaction to quickbooks online

  • December 21, 2023
  • 1 reply
  • 0 views

I have two days where when totaled in my deposits is a negative total due to a large refund issued.  So one day the batch was say $1500 and the next day was -$2000; thus when the CC company processed the two days together, the deposit was -$500.  QBO wont let me match a deposit to an item in the "spent column" in my checking account.  How do I get around this?  I see answers on how to do this in desktop, but not in QBO.

1 reply

R
Rea_M
December 21, 2023

We have a way for you to get around this, davetileliquidators. I'll help you complete the process below.

 

You can opt to exclude your downloaded transactions since we're unable to match deposits with spent in QuickBooks. To do this, here's how:

 

  1. Go to Bookkeeping, select Transactions, then select Bank transactions or go to the Banking menu.
  2. Choose the tile for the account you want to review.
  3. Go to the For Review tab.
  4. Select the checkbox of the transactions to exclude.
  5. Select Exclude.

 

Once you're done, manually recreate or record your transactions (if you haven't already) with the correct data. Then, clear (under the Check column, click the box repeatedly to change the status to "C") their status in your Chart of Accounts.

 

When everything is all set, reconcile your account. Please see this article for the complete guide: Reconcile an account in QuickBooks Online.

 

Also, I've included this helpful article to guide you in performing and fixing reconciliations in QuickBooks Online (QBO): Learn the reconcile workflow in QuickBooks.

 

I'm all ears if you have other banking and reconciliation concerns in QBO. You can drop a comment below, and I'll gladly help you out.

R
rustysalqb
August 6, 2024

So I record all of my transactions individually - money in and refunds as each one is related to a specific client which is sorted by class.  Money is deposited into my account daily .  However. when reconciling I have checked all deposits and refunds for the day but the batch was $-5347 for that day and that amount is exactly what I am off in my reconcilliation. I am not understanding why but it is and a call to my processing company just kept telling me that I refunded more than I took in - -I GET IT - -but each transaction is recorded so they are all there - still off that exact amount.  How do I get rid of it.

C
ChristineJoieR
August 6, 2024

Since a batch credit card transaction is showing up as a negative amount in your QuickBooks Online reconciliation, here’s how we can address and fix this issue, Rustysalqb.

 

First, ensure all individual transactions are correctly entered and match your processing company's statements. Double-check each entry for accuracy, especially refunds and deposits.

 

Next, determine if the negative batch transaction is a result of fees, adjustments, or other charges that might not have been individually recorded. Compare your entries with your processing company’s statements to ensure consistency.

 

Also, if your bank combines several payments into a single record, we can also do same in QuickBooks. Sometimes, we enter payments individually, which leads us to believe there's an error.

 

If you notice that you didn't combine the same payments in QuickBooks, put them into the Undeposited Funds account. Then, create a Bank Deposit to combine them into a single record.

 

If you want to make corrections, review each transaction in the report one at a time by running the reconciliation discrepancy report. By clicking the Select the We can help you fix it link to open your discrepancy report. Use it to decide if and how to make changes by selecting the View and then Change Type.

 

Nonetheless, if you need to remove duplicate transactions, we can undo reconciled transactions at a time, by clicking the R status. Through this, the transaction will be removed from the reconciliation page. Once done, you need to reconcile your account again.

 

On another note, if you run into any mistakes when reconciling your accounts, the article will show you how to repair them: Fix issues at the end of a reconciliation in QuickBooks Online.

 

You are still welcome to share your comment below if you need further assistance with your account reconciliation in QuickBooks Online. I'll make sure to offer more tailored advice.

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