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! 

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!

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:

• Reconcile an account in QuickBooks Online

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

I canceled this account two months ago.

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. 

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

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

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.

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. 

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.

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

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.