Citibank bank feed has duplicate entries for credit card transactions. The "pending authorization charge" is NOT removed from my bank feed. Many companies will first do a "pending authorization charge" when purchasing online via CC. This will disappear from my bank statement after a week or so. But, it does NOT get removed from my bank feed in Quickbooks online(Australia). So, I have many duplicate charges on my Citibank bank feed. I use standard feed. Is this an error from Quickbooks?
When it comes to bank feeds in QuickBooks Online, during each update they will download the transactions that are available at the time. This means that any new transactions will be brought into your QuickBooks Online, as if a snapshot was being taken of your banking at the time.
However, once the transactions have been downloaded to your bank feed, the system will not re-examine the previous transactions to determine if any changes have been made. As these authorization transactions end up being removed from your banking several days later, they will have most likely already been downloaded into QuickBooks Online and will not be automatically removed by the system.
As a result, you will need to manually exclude these transactions from your bank feed using the following steps:
Hi Ken, thanks for quick reply. This sounds like a bug in the bank feed software. Can it be fixed?
I think there are multiple ways to connect to a bank account, I am using standard method. Will the other method(forgot what it is called, had to fill in a form) work better?
All standard bank feeds are designed to take the relevant transactions through your banking, and download them as soon as they become available. I understand it would be frustrating to manually exclude them, but at present this is the design of standard bank feeds. I will submit feedback in regards to this issue, but it may not be likely that this behaviour will be revised in the near future.
The other type of bank feed that you have mentioned is known as a Direct Feed. This type of bank feed relies on either electronic authentication (for ANZ and Westpac) or an authorization form (for all other participating banks). After a bank feed is authorised, the financial institution provides the transactions directly to your bank feed. This is a more reliable method of downloading transactions when compared to Standard Feeds. If you would like more information, I have included a guide on Direct Feeds.
At the moment Citibank does not support Direct Feeds, but if you have accounts with other financial institutions, it is worth considering the switch to Direct Feeds.