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C
coldwaterpumps
March 2, 2020
Question

Some of my deposits show up as a credit and a debit therefore cancelling each other out. Why is this happening and how do I fix the problem

  • March 2, 2020
  • 4 replies
  • 53 views
No text available

    4 replies

    Ashley H
    Ashley H
    Level 4
    March 2, 2020

    Welcome to the Community, @coldwaterpumps. 

     

    I'd like to ask a couple of questions to get a better understanding of why this behavior is occurring.

    If you can get back to me and leave me a Reply, I'd be happy to assist you further. Until then, I'll keep an eye out for your response. Talk to you soon!

    O
    omar-malik
    March 12, 2021

    Thanks for replying back. So I purchased QB on 4/6/18. That being said I recently contacted QB and inquired how I can enter transactions from 1/1/18 to 4/5/18 into my QB. The rep walked me thru how to import data from my bank (Chase). Unfortunately Chase online portal would not allow me to go that far back and create a CSV File to transfer the data for that period. I was advised by the QB rep to create my own CSV file on Excel and manually list the transactions.  After going thru my statements and creating the file I uploaded the information.  Unfortunately know I am noticing all my balances are off. After researching I noticed on my bank ledger all the transactions were added as deposits even the expenses . Now I am confused and don't understand what to do. Please help if you understand what i did . Thanks 

    Adrian_A
    Adrian_A
    Level 8
    March 12, 2021

    Thanks for the details, omar-malik.

     

    After uploading the transactions, we'll have to categorize the transactions. This might be the reason why your balances are off.

     

    Let me guide you how:

     

    1. From the Banking tab, select Banking.
    2. Go to the For review tab.
    3. Tick the transaction and then select Update.
    4. Select a Transaction type, Payee, Class, Category, and Location.
    5. Click Apply and accept.

     

    Also, you can create rules so the system will automatically categorize the items from your bank. Once done, you're good to reconcile the account: 

     

     

    I'm just a post-away if there's anything that I can help. Keep safe!

    T
    Teri11_2
    Level 2
    March 3, 2020

    All accounting entries have a debit and a credit.  If you are referring to bank deposits, you should see those as a debit to your Bank/Cash account and a credit to some other account which would be all normal entries.  Entries only zero out if the debit and credit go to the same account.

    K
    kathypl52
    July 27, 2020

    I understanding that however these transactions are showing up as a deposit on the bank register and a payment on the bank register also.  So the money is going into the bank (on quickbooks) and coming our (on quickbooks) but it is only one or the other in the bank.

     

     

      S
      SAM012
      February 15, 2022

      I HAVE THIS SAME PROBLEM. It occurs with manual ATM DEPOSITS MAINLY

      I HAVE NOT BEEN ABLE TO FIND AN ACCEPTABLE ANSWER ANYWHERE

      K
      kristievcat
      September 30, 2020

      I am having the same problem. I just took over books that had never been reconciled. I thought that would be a good place to start. No transactions are entered manually.  All Debits come over correctly. All Credits come over as a Credit and also as a Debit.  I have tried to delete only the incorrect Debits, but it also deletes the Credit.  I have tried to input only the Credit manually, but the Debit entry automatically appears.

       

      I have to assume it has something to do with the Rules that were set up, but being an old school bookkeeper, I am unfamiliar with the automated transaction entry.  I have looked at them, but I honestly have no idea what I'm looking at. I don't see any rules for the account in question. Any suggestions?

      C
      CharleneMaeFQuickBooks Team
      QuickBooks Team
      September 30, 2020

      Thanks for joining us here, kristievcat.

       

      QuickBooks creates debits and credits when entering bank deposits. This happens to all transactions.

       

      When entering a transaction on the Category section or Line item, I recommend selecting another account type. Doing so prevents the deposit to post debit or credit.

       

      Also, you'll want to open a different transaction by clicking More and choose Transaction Journal. This way, you'll see the movement of funds from one account to another through debits and credits. 

       

      To learn more about how QuickBooks Online uses double-entry accounting, you can check out this article: How Accounts are Affected by Debits and Credits.

       

      Additionally, I've included a guide that will help you ensure your account matches with your real-life bank statements: Reconcile Workflow in QuickBooks.

       

      We're always here if you need further assistance. Have a good day.

      S
      SAM012
      February 15, 2022

      'this makes no sense 

      exactly how do you enter a manual deposit so that it does not show up as a debit also on bank rec

      M
      munajissa
      September 4, 2022

      I am having the same problem and I'm unable to reconcile to my Bank account as a result.  A credit transfer from another bank is showing as a credit and a debit and cancelling each other out.  This issue started in July 2022.  Never had this problem before with similar bank-to-bank transfers.

      M
      Mich_S
      Level 5
      September 4, 2022

      This isn't the experience that we want you to have when reconciling your account in QuickBooks Online, @munajissa. I'm here to guide you on some fixes.

       

      The transactions that are downloaded into QuickBooks depend on the information that your bank provides. I advise reviewing and then removing any transfer transactions that are displayed on your bank feed incorrectly. I'll teach how:

       

      1. Open the Banking menu then go to Banking.
      2. Select the account tile where the transfers are downloaded to.
      3. Go to the For Review tab.
      4. Locate the transactions one by one and click on Exclude.

       

      The transactions can then be manually imported back into QBO. In this manner, the correct data will display, and you can continue with the reconciliation procedure.

       

      I'm also adding these helpful modules about handling reconciliation: 

       


      Just reply to this thread if you need extra help about banking or QuickBooks in particular. We'll do our best to respond as soon as we can. Keep safe!


       

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