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IvanaAndonovska
Level 2

Account receivable showing in bank balance in deposit side

Hello! I have a question regarding a discrepancy in the bank balance because of AR account.

I have the correct balance in the account receivable account but there is a discrepancy in a bank account because account receivable transactions are showing on the debit side in the bank account thus make a discrepancy. 

Thank you in advance!

Solved
Best answer December 10, 2020

Accepted Solutions
GeorgiaC
QuickBooks Team

Account receivable showing in bank balance in deposit side

Hi IvanaAndonovska, 

 

If you're using the QuickBooks Accountant version you may be able to use the Reclassify transaction feature within the 'Accountants tools' to locate these transactions and batch edit the account.

 

The only other way to move these would be to manually edit the payment account on the transactions themselves, or you could consider leaving the checking account on the transactions and instead enter a journal entry to move the balance to the undeposited fund's account. 

 

Please get back to us below if you have any further Q's! 

 

View solution in original post

4 REPLIES 4
JessT
QuickBooks Team

Account receivable showing in bank balance in deposit side

Hello Ivana!

 

I'm happy to shed light on the posting side of your transaction.

 

If the transaction is a money-in entry like a bank deposit, it will post on the DEPOSIT side. Otherwise, it will post on the PAYMENT side. And yes, we can use the A/R account for deposits. By the way, I'm talking about transactions in the bank register in the Chart of Accounts.

 

 

If the transaction came from the Banking page, you want to undo it and manually enter the correct transaction instead. We'll also check further if this happens to you. Just let us know.

 

You can always go back to this thread if you have other questions in mind.

IvanaAndonovska
Level 2

Account receivable showing in bank balance in deposit side

The problem is that these are invoices created in QBO and instead of using undeposited funds account my client set a checking account and now I have a bunch of invoices on the debit side as account receivable that could not be matched and making discrepancy in the balance. I wonder is there any option that I can move those transactions to undeposited funds or any other solution would be appreciated. 

Thank you!

GeorgiaC
QuickBooks Team

Account receivable showing in bank balance in deposit side

Hi IvanaAndonovska, 

 

If you're using the QuickBooks Accountant version you may be able to use the Reclassify transaction feature within the 'Accountants tools' to locate these transactions and batch edit the account.

 

The only other way to move these would be to manually edit the payment account on the transactions themselves, or you could consider leaving the checking account on the transactions and instead enter a journal entry to move the balance to the undeposited fund's account. 

 

Please get back to us below if you have any further Q's! 

 

View solution in original post

IvanaAndonovska
Level 2

Account receivable showing in bank balance in deposit side

Thank you!! This was helpful!

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