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How to fix duplicate interest or bank charges when reconciling or in the Bank Register

When reconciling, or in the register, you may notice an interest or bank charge showing up twice. This happens if the bank account is incorrectly assigned twice (as both the debit and credit account) to a bank fee or interest income entry. The bank fee or interest income appears as both payment and deposit in the register or when reconciling, but is in fact a single transaction.

Fix the error by re-categorizing the bank fee as an expense, and the bank interest as an income. You can do this right on the Reconciliation screen, or on the Bank Register.

Fix duplicates on the Reconcile screen

  1. Select the Gear icon on the Toolbar.

  2. Under Tools, select Reconcile.

  3. From the Account drop-down menu, select the appropriate bank account.

  4. Select the Resume reconciling button.

  5. Select the bank fee or interest income to open the transaction.

  6. Select Edit to open the Expense screen (for a bank fee) or the Bank Deposit screen (for an interest income entry).

  7. Correct the entry.
    • Bank fee entry: In the Account details section Account column, change the account from Bank to the Expense account you use for bank fees.

    • Interest income entry: In the Add funds to this deposit section Account column, change the account from Bank to the Income account you use for bank interest.

  8. Select Save.

  • This change automatically removes the duplicate and corrects the bank balance.

Fix duplicates on the Bank Register screen

  1. Select the Gear icon on the Toolbar.

  2. Under Your Company, select Chart of Accounts.

  3. Locate the bank you're reconciling in the list of accounts.

  4. From the Action column, select View Register (or Account History).

  5. Select the Filter button.

  6. From the Reconcile Status drop-down menu, choose Not Reconciled.

  7. Select Apply.

  8. Select the bank fee or interest income to open the transaction.

  9. Select Edit to open the Expense screen (for a bank fee) or the Bank Deposit screen (for an interest income entry).

  10. Correct the entry.
    • Bank fee entry: In the Account details section Account column, change the account from Bank to the Expense account you use for bank fees.

    • Interest income entry: In the Add funds to this deposit section Account column, change the account from Bank to the Income account you use for bank interest.

  11. Select Save.

This change automatically removes the duplicate and corrects the bank balance.

Tip 

When you download bank transactions, you can avoid this error when categorizing and matching. Remember to change the account selection before you add bank transactions. QuickBooks remembers the categories, and predicts and recommends the correct accounts the next time.

Looking for more information on reconciling? Get help with bank reconciliation in QuickBooks Online.