Banking and accounting reports showing incorrect figures

Mp196920160 · ‎May 22, 2023

Hi

I have been looking at both the monthly balance in my account compared to the transactions.

In banking they match perfectley..

But when i go into accounting, chart of accounts, main business accountr,

there are a duplicate transaction, one says "cleared" they other "Reconcilled"

Whats the best way to deal with this

FateCandylaneT · ‎May 22, 2023

Hi there, Mp196920160. We're pleased to have you back in on this thread. Allow me to share additional insights about the transactions on your account.

In QuickBooks, your financial transactions imported from your bank should be categorized and matched with your banking window. The Cleared (C) status appears when a bank transaction has come directly from your bank. It could be via a bank feed or from importing a bank statement. That said, it tells you when a transaction in QuickBooks is also on your bank statement.

So when you download or import transactions and accept them, QuickBooks marks these as "C". It means they're ready to be reconciled. Also, when you next reconcile your bank account, the transactions are already selected, speeding up the bank reconciliation process.

On the other hand, after verifying that these items match your bank statement, the Reconciled (R) status appears. Thus, reconciled transactions are those that have been included in a bank reconciliation where you can find them on your Chart of Accounts.

Once ready, you can refer to the following articles to learn how to reconcile and resolve some issues that may arise during the process:

Let us know in this forum if you have additional questions or other QuickBooks concerns. We'll always be here, willing to lend a hand. Keep safe.

View solution in original post

Carneil_C · ‎May 22, 2023

I've got you covered, @Mp196920160. I'll provide steps to deal with the duplicate transaction in QuickBooks Online.

To sort this out, you'll want to go to the banking window, manually undo the transaction, and then match it again. Here's how:

Go to the Banking menu.
Choose Categorised tab.
Find the transactions and click Undo from the Action column.
Once done, go to the For review tab and match the transaction again.

You'll want to check out this article that can aid you in organising your transactions: Categorise and match online bank transactions in QuickBooks Online.

For future reference, here's a guide to help you in the reconciliation process: Reconcile an account in QuickBooks Online.

I’m always ready to assist you with any other questions or concerns about your bank transactions. Tag me in your reply, and I’ll sprint back into action.

Mp196920160 · ‎May 22, 2023

Which transactions is best to use the lclearednor reconciled

FateCandylaneT · ‎May 22, 2023

Hi there, Mp196920160. We're pleased to have you back in on this thread. Allow me to share additional insights about the transactions on your account.

In QuickBooks, your financial transactions imported from your bank should be categorized and matched with your banking window. The Cleared (C) status appears when a bank transaction has come directly from your bank. It could be via a bank feed or from importing a bank statement. That said, it tells you when a transaction in QuickBooks is also on your bank statement.

So when you download or import transactions and accept them, QuickBooks marks these as "C". It means they're ready to be reconciled. Also, when you next reconcile your bank account, the transactions are already selected, speeding up the bank reconciliation process.

On the other hand, after verifying that these items match your bank statement, the Reconciled (R) status appears. Thus, reconciled transactions are those that have been included in a bank reconciliation where you can find them on your Chart of Accounts.

Once ready, you can refer to the following articles to learn how to reconcile and resolve some issues that may arise during the process:

Let us know in this forum if you have additional questions or other QuickBooks concerns. We'll always be here, willing to lend a hand. Keep safe.

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Banking and accounting reports showing incorrect figures