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diskwizz
May 11, 2020
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Can I use Journal entry to fix this issue?

  • May 11, 2020
  • 2 replies
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Trying to reconcile April. Chase bank paid themselves $20 for an admin issue. For some reason QB has pulled this in as a credit before the debit. So I have a $20 discrepancy. If I use Journal entry I have to debit $20 but then also add $20 so it does not solve the issue. Any advice please?
Best answer by RaymondJayO

But if I delete it from the account it just shows back up again in the waiting to be reviewed section.


I appreciate you for performing the steps provided by my peer above, @diskwizz. I'm here to ensure you're able to fix the $20 discrepancy when reconciling your Chase account in QuickBooks Online (QBO). 

 

You're on the right track in deleting the transaction from your register. Also, it's a great way that you've verified from your bank statement that you only have $20 expense. With this, I'd suggest excluding the duplicate $20 money-in transaction in the For Review tab. That way, it won't add to your register, so the difference will be zero when reconciling your account. I'll guide you how. 

  1. Go to the For Review tab from the Banking menu. 
  2. Locate the $20 money-in transaction and check its box. 
  3. Click the Batch actions drop-down.
  4. Choose Exclude Selected.

 

Once done, the transaction will move to the Excluded tab. The screenshot below shows you the steps. For the detailed instructions, check out this article: Exclude a bank transaction you downloaded into QuickBooks Online.

 

After that, reconcile your Chase account for April again. It helps you ensure the account in QBO matches your bank statement. 

 

Furthermore, I'd recommend visiting this resource hub: Reconcile Workflow. It contains in-depth information about starting, fixing any differences, and completing the reconciliation process. Just click the links beside QuickBooks Online. 

 

I'll be right here to help if you have other concerns. Enjoy the rest of your day, @diskwizz. 

2 replies

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diskwizzAuthor
May 11, 2020

john-pero
john-pero
May 11, 2020

First off, a journal entry is the wrong way to fix this..

 

Is it a single transaction that should only credit banking (expenses from checkingvare credits) or did they refund it as well making it a wash but just that one transaction happens in May?

 

Or is it a case of a single $20 taken out of banking but instead of posting to an actual bank charge expense it is posting back into the same account? Without seeing details of each transaction you posted there is no way to know if this is, as I suspect, merely a misdirected posting. If it is one two-sided transaction, open it, edit to the correct expense, and save. If it is two actual transactions you can change the date of the one that happened in May or more simply do not select it to clear in your reconciliation

Invariably you should often have transactions that do not clear until the following month.

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    diskwizzAuthor
    May 11, 2020

    Hi John

    Appreciate the reply. 
    All I know is that on my Chase Bank statement there is only the $20 Electronic Withdrawl.
    Yet on QB it was pulled in from Chase as $20 in and $20 out. Both on 04/02
    Hence why I am left with the $20 discrepancy.
    I am very much a QB novice and just trying to work out #1 why it happened and #2 how to rectify it.
    Thanks

    M
    MaryAnn_E
    May 11, 2020

    Hello there, @ diskwizz.

     

     

    The transaction imported to QuickBooks Online depends on the information sync by your bank. You can check with your financial institution on the $20 debit to know what the amount is for.

     

    Once you know the details of this transaction, you can follow the advice of john-pero provided above.

     

    Also, you can check this article about what you can do after you’ve downloaded the transactions from your bank: Assign, categorize, edit, and add your downloaded banking transactions.

     

    If you have additional questions related to your QuickBooks product, please don't hesitate to reach out. Keep safe always.

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