How do i resolve the issue when a transfer appears in the bank statement but when reconciling in QB comes as "uncleared"

qwerty1232 · ‎November 05, 2020

In my bank statement the transfer appears correctly as - "Withdrawal online TFR Westpac bus loan paid 21/05 $10,000 " but in my QB when reconciling, the transaction "Deposit online TFR Westpac bus loan paid 21/05 $10,000" with the same amount and date appears "uncleared".

I checked the Chart of Accounts, and the transaction - "Deposit online TFR Westpac bus loan paid 21/05" does not have the "C" mark or the green square underneath it.

So to correct this, should i manually create a new journal entry transaction for "Withdrawal online TFR Westpac bus loan paid 21/05" and then manually match it or should i just change the transaction to "Cleared" for the QB transaction in the COA.

Also the reconciliation difference is -$10,000.

AlexV

Good day, qwerty1232.

You don't have to create a journal entry for this. All we need to manually mark it as "Cleared" on the Chart of Accounts.

Also, QuickBooks Online is dependent on what the bank provided when downloading the transactions. Though, you can still review and categorize before you add them. This is to make sure that these transactions will post on your books correctly and won't mess it up.

Please check these articles for more details on how to handle bank transactions:

Keep on posting here if you need anything else. Stay safe!

View solution in original post

AlexV

Good day, qwerty1232.

You don't have to create a journal entry for this. All we need to manually mark it as "Cleared" on the Chart of Accounts.

Also, QuickBooks Online is dependent on what the bank provided when downloading the transactions. Though, you can still review and categorize before you add them. This is to make sure that these transactions will post on your books correctly and won't mess it up.

Please check these articles for more details on how to handle bank transactions:

Keep on posting here if you need anything else. Stay safe!

View solution in original post

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How do i resolve the issue when a transfer appears in the bank statement but when reconciling in QB comes as "uncleared"

How do i resolve the issue when a transfer appears in the bank statement but when reconciling in QB comes as "uncleared"

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