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Gem35
January 23, 2022
Question

Sub wallets in bank

  • January 23, 2022
  • 1 reply
  • 0 views

Hi I'm very new to using quick books and Even  though the last time we did an vat return there was nothing wrong thins time is different. Without banks there are 3 subwallets but for some reason when the money goes into the sub wallet it shows as a deposit when it's not. This has drastically affected our vat return amount. I need to sort this by the end of next week please help. 

1 reply

MichelleBh
MichelleBh
January 23, 2022

Let's fix this banking issue as early as possible, @Gem35. You're in the right place to look for answers.

 

Happy to share some details about banking feeds work in QuickBooks Online. This way, I can guide you accordingly.

 

Are you referring to your sub-accounts? If so, you need to know how your bank sends the downloaded transactions before connecting to Online Banking. This way, the data are classified accordingly in QuickBooks. 

 

If the transactions download to one account, tie up only the parent account. Otherwise, you will want to connect the subaccounts. Please be aware that you cannot link a parent account and its sub-accounts. For more details, check out this link: About bank or credit card subaccount setup.

 

Regarding deposit transactions, QuickBooks will always depend on what your bank shares with us and how they're posted online. With this, I'd recommend contacting your bank. They can review your bank settings and help you from there. 

 

In addition, don't forget to reconcile to make sure they match your bank and credit card statements.

 

Further, check out these articles below on how to troubleshoot banking and reconciliation errors in QuickBooks: 

 

 

Lastly, may I know your bank's name? So I can review our reports if we have an ongoing investigation. Thus, I can give you accurate solutions. 

 

Drop a line if you're referring to something else or you have follow-up questions about your bank feeds. I'm happy to answer all of your questions. Keep safe, Gem35.

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