Can someone please assist me. I am pretty new in accounts and desperately need help. I have entered my banking transactions manually, using the BANK DEPOSIT option, as I have had an issue importing the bank statement into QuickBooks online. My banking statement shows the funds received as a CR and the expenses as a DR, so I need to ensure QuickBooks balance to the bank statement, but once I have finished entering each transaction into QuickBooks, the funds received and the expenses both reflect as credits in QuickBooks. Example: R-351,174 INCOME R-376,007 EXPENSES I do enter each transaction as a debit when entering the expenses in QuickBooks. The amounts balance to the bank statement, except my funds used (expenses) reflect as a CR and not a DR. Where have I gone wrong?
I have also tried to enter the opening balance amount as a credit using the Opening Balance Equity Account, but it will not accept it as a credit amount. What am I doing wrong, please can you assist me?
Thank you kindly
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Thank you for contacting the Community.
Can you please provide a screenshot of both a deposit and journal entry you have created so I can look into this for you.
Thanks, Carly. :)
Thank you so much for the reply. I have attached a screenshot of some transactions I have loaded. As you can see I have captured the expenses as debits and the funds received as credits. For easy reference, I have attached the dashboard reflecting the income vs expenses and a snapshot of the bank statement summary.
As mentioned surely my dashboard reflecting the income vs expenses (both showing CR), should be the same as my bank statement summary, Income CR and Expenses DR.
So appreciate you helping.
Thank you for providing the screenshots.
Rather creating a bank deposit I would recommend to create expenses for the money out and sales receipts for money in. To do this click the '+' button in the top right hand corner and click either expense or sales receipt.
Awesome, thanks Carly.
Would I need to go and delete all my transactions already loaded and load them as per your suggestion?
Also would this change the funds used (expenses) to a DR and not reflect as a CR on the dashboard screen? Or does this not matter?
If you have already created the transactions as bank deposits you would need to delete these and then recreate them as sales receipts, this would just make sure the transactions aren't being duplicated.
Thank you for your reply. So, I would delete all the "sales" (funds received) transactions I entered (credit card payments to us) as bank deposits and re-enter in the "sales receipts" menu?
How would I go about loading the funds used "expenses" transactions that I also loaded as bank deposits?
So any of the money you receive into the business would be recorded as Sales Receipts and any of the Expenses out of the account would be recorded as Expenses transactions :)
Super, thank you. You and Carly have been a great help!
Just another question:
Where do I enter the opening balance amount, that I have on my bank statement as a credit using the Opening Balance Equity Account in Quickbooks?
I'll let @AshH + @Anonymous know you think they've been fab!
See this guide: https://community.intuit.com/articles/1145780-how-do-i-enter-a-beginning-balance-for-an-account-after-it-has-been-set-up - Normally, we'd direct you to go to your accountant, and I'm still going to recommend you do this
However, In a nutshell; you use a Journal Entry, setting the date as the beginning of the statement date; and using the credit/debit columns you'd either move money to or from the account, with the other side of the journal being Open Balance, to give you a positive or negative balance in the account.
Apologies for quering this again, as mentioned earier, I will use the journal entry and enter a credit amount using the Opening Balance Equity in the account field?
However, what account would I use to enter the debit amount and what customer name would I use?
The amount I am entering for the Opening Balance Equity is the credit amount I have in the bank (when I receive the bank statements).
Hoping you can assist me again
Thank you for getting back in touch.
You would use the Opening Balance Equity on one line of the journal and the account you are wishing to credit/debit in the other. in this case your bank account.
You will not need to enter a customer name as you are not using the Debtors account.
Please let me know if there is anything else I can help with. :)