cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Hesam
Level 1

CRA charged my bank account but was reversed because of a lack of funds. Now, I have two transactions, one Spent and one Received on QBO. How to match them?

As I mentioned in the question, because of a lack of enough funds in my bank account, the bank auto withdrawal transaction didn't go through. QBO shows two transactions to me:

1. Spent transaction
Type of Transaction: Expense
Date: 29-02-2024
Description: COMMERCIAL_TAX 
Payee: CRA 
Category: GST/HST OutOfScope 
Spent: $1000 

2. Received transaction
Type of Transaction: Deposit
Date: 29-02-2024
Description: Reversed 
Payee: RBC 
Category: Interest earned (This is wrong as it is not an interest) 
Received: $1000 

So, my question is how can I link the transaction together in a way that I don't have any problem when I reconcile the account?

Thank you
1 Comment 1
Amanda-B
QuickBooks Team

CRA charged my bank account but was reversed because of a lack of funds. Now, I have two transactions, one Spent and one Received on QBO. How to match them?

Hey there, Hesam.

 

I appreciate you turning to the Community for support. Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy to point you in the right direction.


To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. Having an accountant can be beneficial for you and your business. You can add your accountant to your books by following the steps listed here. If you don't have an accountant, you can find one who has experience using QuickBooks near you by clicking here.

 

If you have any other questions, feel free to reach back out.

Need to get in touch?

Contact us