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DSG1
Level 3

Cancelled Etransfer payment

A bill was paid by etransfer but the incorrect total was recorded on the transfer payment so the supplier declined the payment.

The bill was then paid the next day with a different etransfer payment that was accepted so it has been paid and processed in Quickbooks.

Not sure what to do with the two transactions left in the downloads from the cancelled etransfer.

There are identical sums of money in the "Spent" and "Received" columns that need to be processed but they do not belong to anything.  How do I process these two transactions?

Thanks for your assistance!

 

 

Solved
Best answer November 30, 2020

Best Answers
DSG1
Level 3

Cancelled Etransfer payment

Thanks so much Rebecca for all the detail that you put in your response!

A much easier solution than I expected and I have now excluded both of them.

What will happen when I reconcile the account? Will the two excluded transactions appear in the reconciliation and have to be dealt with then? 

They will definitely show on the bank statement. If they reappear then, what do I do with them?

Thank you for your time and patience!

I am very much a novice with Quickbooks and rely on feedback and direction like you are giving me!

View solution in original post

Rebecca R
QuickBooks Team

Cancelled Etransfer payment

I'm glad you found my response helpful @DSG1! It's our goal to make navigating QuickBooks an easy process, and I'm here to help along the way. When it comes time to reconcile your account, those two excluded transactions won't appear in the reconciliation as they haven't been added into QuickBooks yet. The only way they would appear in the reconciliation is if you Undo the exclusion and add them to your books.

While they'll appear on your bank statement, the balance between QuickBooks and your statement shouldn't be any different since the amounts of those two transactions cancel each other out. You'll just have to keep that in mind so that you know why those are missing from your reconciliation when you compare QuickBooks against your statement. 

I hope this is clear. Don't hesitate to reach out if there's anything else I can help with!

View solution in original post

14 Comments 14
Rebecca R
QuickBooks Team

Cancelled Etransfer payment

Hi there DSG1,

 

Thanks for being a member of the QuickBooks family! I love that you're making the most of the bank feeds feature in QuickBooks Online. It allows you to easily add or match transactions into your books straight from your bank statement. The situation you're describing is one that can easily occur, so luckily there's an easy way to handle these  transactions. Let me explain.

 

Since an e-transfer in the correct amount has been sent to your supplier and matched to a transaction within QuickBooks, the two that are remaining in the For Review tab don't need to be associated with a transaction. They won't impact your books in any way as the amounts cancel each other out. The best course of action here is to select the check box for the incorrect e-transfer and the returned amount and select Exclude.

 

Excluding these transactions simply moves them from the For Review tab to the Excluded tab of the Banking or Transactions menu. If at some point you decide you'd like to add the transactions into QuickBooks, you can simply navigate to the Excluded tab and click the blue Undo from the Action column for each transaction. This brings them back to the For Review tab for you to categorize.

 

Have a great day! 

DSG1
Level 3

Cancelled Etransfer payment

Thanks so much Rebecca for all the detail that you put in your response!

A much easier solution than I expected and I have now excluded both of them.

What will happen when I reconcile the account? Will the two excluded transactions appear in the reconciliation and have to be dealt with then? 

They will definitely show on the bank statement. If they reappear then, what do I do with them?

Thank you for your time and patience!

I am very much a novice with Quickbooks and rely on feedback and direction like you are giving me!

Rebecca R
QuickBooks Team

Cancelled Etransfer payment

I'm glad you found my response helpful @DSG1! It's our goal to make navigating QuickBooks an easy process, and I'm here to help along the way. When it comes time to reconcile your account, those two excluded transactions won't appear in the reconciliation as they haven't been added into QuickBooks yet. The only way they would appear in the reconciliation is if you Undo the exclusion and add them to your books.

While they'll appear on your bank statement, the balance between QuickBooks and your statement shouldn't be any different since the amounts of those two transactions cancel each other out. You'll just have to keep that in mind so that you know why those are missing from your reconciliation when you compare QuickBooks against your statement. 

I hope this is clear. Don't hesitate to reach out if there's anything else I can help with!

DSG1
Level 3

Cancelled Etransfer payment

Rebecca, your responses definitely have helped me connect the dots and make sense of how to complete the transaction I was initially unsure about.

Everything seems clear to me right now! I will let you know, if I have any questions during the reconciliation.

Thanks again for your support and patience!

Rebecca R
QuickBooks Team

Cancelled Etransfer payment

It's my pleasure, @DSG1. When you're reading to get started with the reconciliation process, check out the article below. I know it'll get you on the right track:

 

 

Don't hesitate to drop me a line if there's anything else I can do to support you! 

ladyfreedom
Level 1

Cancelled Etransfer payment

I canceled this account two months ago.

JamesM4
QuickBooks Team

Cancelled Etransfer payment

Hi ladyfreedom. Thanks for chiming in on this post. I'd be happy to assist you in achieiving your QuickBooks goals. Feel free to elaborate more on how I can assist. I'll be on standby. 

marueber
Level 1

Cancelled Etransfer payment

exactly how do i treat a e transfer refused....if i go to the bank and pay it with the transfer it cancelled the customers invoice for me but somehow without making another invoice i still need to pay that bill down the line

marueber
Level 1

Cancelled Etransfer payment

how do you exclude a refused e transfer and process the payment still owing

JamesM4
QuickBooks Team

Cancelled Etransfer payment

Hello marueber. I appreciate you chiming in on this thread. It's essential you're able to record your transactions the right way in order to ensure accuracy in your books. I recommend contacting an accounting professional for expert advice on how to proceed with handling the cancelled e-transfer. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here. Feel free to ask other questions.

Small
Level 1

Cancelled Etransfer payment

Rebecca R thanks for the answer about the etransfer. I have a similar problem but can’t exclude the transactions because they don’t cancel each other out. The outgoing transactions have $1.50 bank fees attached. I appreciate your help. 

Alex M
QuickBooks Team

Cancelled Etransfer payment

Hi there Small,

 

It's vital that all your transactions be correctly entered in your books so that your sales and expense totals are correct. QuickBooks Online is a great tool that can import transactions from your bank so that you can match them to transactions you create in QuickBooks as a verification step. I can provide some information about these transactions.

 

Since this is essentially a transaction that bounced, but there are also fees included on the outgoing transaction. You would need to create two transactions that cancel each other out, such as an expense and a supplier refund, that affect the same accounts. The difference between the two transactions would be that you would add a second line to your expense or outgoing transaction for the $1.50 in bank fees. In order to locate the transactions I mentioned, you can click on the +New button in the top left corner. Once these transactions are created, you can then match the bank transactions to the transactions you've just created.

 

If you need some assistance in choosing which categories to affect in the transactions other than the bank account, I recommend reaching out to your accountant. They'll be able to guide you in the best choice of accounts to affect in order for your books to be well balanced. You can invite your accountant to your books in the My accountant tab. There's also a Find a pro to help button in this section that can help you find a local accountant that has experience with QuickBooks Online.

 

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

viewsbalconybar
Level 1

Cancelled Etransfer payment

Hi, 

 

I have had a similar situation where an e-transfer was sent to a supplier but then canceled. I have excluded them however they are appearing in my banking reconciliation within different month periods so those specific months are unbalanced and cannot be reconciled. 


Please advise what I do in this situation!

Thanks

Alex M
QuickBooks Team

Cancelled Etransfer payment

Hi there,

 

It's important that all transactions are included in your banking reconcile in order to be able to complete it with a correct balance. QuickBooks Online's reconcile feature is a great tool allowing you to make sure all transactions during a certain period are added in your books so that your bank balance represents the reality. I can provide some information about these transactions.

 

One way to enter these failed transfer payments would be to enter two exact same transactions, except them being inverse transactions. One outgoing transaction affecting an account, and another transaction is the exact reverse of the transaction. Make sure both transactions are on the same dates as the initial transfer as well as when the money got back into your account. If the outgoing and incoming transactions don't have the same amount or you don't know which accounts to choose to affect, I recommend you reach out to your accountant for guidance on how to record this transaction. They will be able to tell you how these transactions be entered correctly. if you'd like to invite your accountant to your books, you can follow the steps provided in my last response to do so.

 

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

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