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cdspoon
Level 2

reconciling paypal bank

I am trying to reconcile my paypal bank but I have a negative balance and several duplicate amounts. When I delete the duplicates they go to the undeposited funds account which in turn shows on my balance sheet. I tried to repopulate all of my transactions for 2023 in paypal bank but could not figure out how. I have printed all transactions from paypal and can match them but I have several duplicates and do not know how to remove them. I tried going to bank register and transferring them to paypal bank then to my checking account (where paypal funds end up once I transfer them) but that created another mess. Please help! Any guidance would be greatly appreciated.

Solved
Best answer December 27, 2023

Accepted Solutions
Carneil_C
QuickBooks Team

reconciling paypal bank

I appreciate you for laying out the details of your concern, @cdspoon.

 

I'm here to provide assistance in managing duplicate transactions when reconciling your PayPal bank in QuickBooks Online.

 

Beforehand, I want to share that duplicate transactions can sometimes occur if you add transactions from the Banking page instead of matching them to QuickBooks Online (QBO) entries or when transactions are entered or downloaded twice.

 

Now that you've deleted the duplicates, the system may still consider them missing and redownload them from the bank. To avoid this, I recommend excluding the duplicates instead. When you exclude a transaction, it won't appear in account registers or financial reports. This ensures accurate records and prevents duplicate entries from happening again.

 

Here's how you can do it:

 

  1. Go to the Banking menu, then choose Banking.
  2. Select the tile for the account, then click the For Review tab.
  3. Check the box for the duplicate transactions you want to exclude.
  4. Click Exclude.

 

Moreover, I'd recommend reaching out to your accountant. They'll be able to provide the best course of action for your transactions since it also created another mess upon trying to fix the issue.

 

This article can give you more information about excluding downloaded transactions: Exclude a bank transaction you downloaded into QuickBooks Online.

 

Learn more about what to do if QBO doesn't match your bank statement at the end of a reconciliation by checking out this guide: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Please don't hesitate to reach out if you have any further questions or need assistance organizing your bank transactions or reconciling accounts. I'll be right here to help. Take care always.

View solution in original post

cdspoon
Level 2

reconciling paypal bank

Thank you for your thorough explanation. I got it. I'll confirm with my accountant. I really appreciate it!

View solution in original post

2 REPLIES 2
Carneil_C
QuickBooks Team

reconciling paypal bank

I appreciate you for laying out the details of your concern, @cdspoon.

 

I'm here to provide assistance in managing duplicate transactions when reconciling your PayPal bank in QuickBooks Online.

 

Beforehand, I want to share that duplicate transactions can sometimes occur if you add transactions from the Banking page instead of matching them to QuickBooks Online (QBO) entries or when transactions are entered or downloaded twice.

 

Now that you've deleted the duplicates, the system may still consider them missing and redownload them from the bank. To avoid this, I recommend excluding the duplicates instead. When you exclude a transaction, it won't appear in account registers or financial reports. This ensures accurate records and prevents duplicate entries from happening again.

 

Here's how you can do it:

 

  1. Go to the Banking menu, then choose Banking.
  2. Select the tile for the account, then click the For Review tab.
  3. Check the box for the duplicate transactions you want to exclude.
  4. Click Exclude.

 

Moreover, I'd recommend reaching out to your accountant. They'll be able to provide the best course of action for your transactions since it also created another mess upon trying to fix the issue.

 

This article can give you more information about excluding downloaded transactions: Exclude a bank transaction you downloaded into QuickBooks Online.

 

Learn more about what to do if QBO doesn't match your bank statement at the end of a reconciliation by checking out this guide: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Please don't hesitate to reach out if you have any further questions or need assistance organizing your bank transactions or reconciling accounts. I'll be right here to help. Take care always.

cdspoon
Level 2

reconciling paypal bank

Thank you for your thorough explanation. I got it. I'll confirm with my accountant. I really appreciate it!

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