Why are all my bank transactions now called Formation?

Accurate categorisation and labeling of bank transactions can enhance the efficiency of managing your banking tasks within the program, Matt. Let me explain the possible reasons for the unexpected issues you're encountering.

If you've recently created a bank rule to automatically categorize your transactions, this could be why they were suddenly marked as "Formation" and had VAT added. It's possible that your transactions are being categorised incorrectly due to this rule.

You can check your Bank Rules to see if there's any rule that applies to Formation and edit or delete it if necessary.

Here's how:

1. Go to the Gear icon and select Rules.
2. Check if there is any rule that applies to Formation.
3. Edit or Delete the rule if necessary.

Also, you can check the Audit Log feature to see if anyone in your company has been changing your transactions in QuickBooks Online (QBO).

Additionally, you can reconcile your books to ensure your transactions are always matched to your bank and credit card statements.

If you need more help or if the issue persists, please don't hesitate to reach out here in the Community. I'll be here 24/7 to assist you.

Thank you for your reply, I have checked and there are no rules I can find that would explain this. I also have absolutely no idea what Formation is in this context. I also confirmed no one but me has logged on, it would be very concerning if they had given this is a one person business.

I contacted support, who referred me to a Higher Team, who told me that Quickbooks is now meant to work this way. I am not happy about this but it seems there is nothing I can do.