Uncleared transactions on bank reconciliation

Jay Bee · ‎May 07, 2019

Hello,

I have several uncleared transactions appearing on the bank reconciliation. I'm not sure why these are here and have no idea what to do with them. I've attached a screenshot so you know what I'm rambling on about.

Thanks in advance.

Julie

GeorgiaC · ‎March 09, 2020

Hey TheEquityLab,

Thanks for the detail - it sounds like the payment in the bank has been added, rather than matched to the existing invoice, creating duplications.

The easiest way to remove the payment added from the bank is to go to Banking > Reviewed and select 'undo' against the transaction. You can select multiple here at once and use the 'Batch' function to undo many. This will take the transaction back to the for-review tab, where you can match this to the existing invoice payment (if the payment date and amount matches), or exclude the transaction, as you already have this recorded.

Transfers from PayPal should be marked as transfers on the For-Review tab of the PayPal account and matched to the relevant deposit in the bank account - to rectify this, undo the payment in the bank account, then select this transaction in the For-Review tab and select 'find match' - this should show the existing transfer to match to on the following screen.

Get back to us if this does not fix :)

View solution in original post

JamesC · ‎May 07, 2019

Hey Jay Bee (Julie)

Welcome back to the UK community Page - Thank you for your query.

An uncleared transactions means that it is a posting transaction, impacting your bank; but this payment has not been cleared and matched with a transaction in the banking section. When there is a direct match to a transaction in your banking section, it has the status "Cleared" - as the system knows it's a correct transaction.

Looking at the dates - late 2018 for some of the transactions, what period are you currently reconciling too? Have you already reconciled the period which these transactions would have bee included under?

TheEquityLab · ‎March 09, 2020

Hi

I would appreciate some help.

I am having a similar issue. Currently preparing the end of year accounts for 18/19.

the Quickbooks Bank Balance is showing a huge difference from the actual Bank Balance.

I have pulled the Reconciliation report and it is showing over £17k of uncleared transactions.

When looking in to this deeper, I can see that a lot of these transactions are duplicates. (an invoice has been closed as a payment which has been posted to the current bank account but the bank feed is also attached and it has came in there as well). Where should these payments be posted to instead of the Bank Account?

There also seems to be issues when the PayPal account is Transferring money to the Current Account - again causing duplicates?

GeorgiaC · ‎March 09, 2020

Hey TheEquityLab,

Thanks for the detail - it sounds like the payment in the bank has been added, rather than matched to the existing invoice, creating duplications.

The easiest way to remove the payment added from the bank is to go to Banking > Reviewed and select 'undo' against the transaction. You can select multiple here at once and use the 'Batch' function to undo many. This will take the transaction back to the for-review tab, where you can match this to the existing invoice payment (if the payment date and amount matches), or exclude the transaction, as you already have this recorded.

Transfers from PayPal should be marked as transfers on the For-Review tab of the PayPal account and matched to the relevant deposit in the bank account - to rectify this, undo the payment in the bank account, then select this transaction in the For-Review tab and select 'find match' - this should show the existing transfer to match to on the following screen.

Get back to us if this does not fix :)

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Uncleared transactions on bank reconciliation