A couple days ago I transferred money into my account. 3 days later the same amount of money was taken from my account. what could this issue be?

Hi there, @kingsfamilyservices.

When you recorded a payment larger than the first invoice, QuickBooks Online (QBO) correctly showed a negative balance for that customer. In accounting, this represents a Credit, or the money you hold for the customer. By copying and redoing the transaction to remove that negative sign, a duplicate entry was created. This caused the system to reflect an incorrect balance as it tried to account for two versions of the same deposit.

To resolve this, you’ll need to review your bank register to identify and remove any duplicate entries. Here’s how:

1. Go to the Gear icon and select Chart of Accounts.
2. Click View Register for your bank account.
3. Search for the specific amount. If you see the transaction listed twice, one "Manually Added" and one "Matched" from your bank feed.
4. Then, delete the manual duplicate that does not have the cleared status or bank link to ensure your balance returns to the correct state.

Once the duplicates are removed, you can properly apply the single payment to multiple invoices to ensure your records are accurate:

1. Go to the + Create icon and click Receive payment.
2. Select the Customer, the Payment method, and the Deposit To account from the respective dropdown menus.
3. Enter the total payment amount in the Amount received field.
4. In the Outstanding Transactions section, select the checkboxes for both invoices you are recording the payment for.
5. If the total of the invoices exceeds the amount received, adjust the figures in the PAYMENT column to reflect how much of the payment should apply to each.
6. Verify that the Amount to Pay matches your Amount received, then select Record and close.

After saving this payment, navigate to your Bank Transactions tab to match the record. Locate the deposit from your bank feed, and it should now show a Match Found notification pointing to the payment you just consolidated. Selecting Match will finalize the process.

Moreover, it is a good practice to reconcile the account to ensure your QBO balance perfectly mirrors your bank statement.

On top of that, we have a team of experts who can offer personal guidance on handling duplicate transactions, mastering the reconciliation flow, and teaching the best bookkeeping practices to increase your efficiency. Check out QuickBooks Live Expert Assisted for more details.
 

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