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userjjoneschiet
Level 1

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

 
8 Comments 8
JonpriL
Moderator

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

Hello @userjjoneschiet,

 

In QuickBooks Online, an ACH credit from a vendor will display on your report based on the account of the line item used in the created bill. With this, let's reconsider going back to the bill from your vendor and identify the affected accounts. Let me show you how.

 

  1. Open the bill you received from your vendor.
  2. Go to More at the bottom portion of your screen.
  3. Click Transaction Journal.
  4. Review the source account under the ACCOUNT column.

 

From here, make sure the account is a match based on what is used on the ACH deposit you received. But if not, on the other hand, you can change it to fix the transaction on your report from an expense to credit.

 

On top of that, I've also included this reference helpful with a compilation of articles you can use while preparing online payments for your vendors: Find answers to frequently asked questions about Online Bill Pay.

 

Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Stay safe!

userjjoneschiet
Level 1

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

So I couldn't seem to change anything so I deleted the expense and added the deposit with a memo. Now I can't reconcile as it says there's a minus. It opened it into a window that showed the line item as both a deposit and expense. When I went back to the bank register screen, it shows both transactions. So I deleted the expense and it deleted both! I'm stumped!

userjjoneschiet
Level 1

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

When it first came in, I put it in the wrong category so all I tried to do was change the category as it was supposed to be in a fund account, not a non-tithable income category. How did it change from there to an expense? It doesn't make any sense.

Mark_R
QuickBooks Team

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

Thank you for getting back to us, @userjjoneschiet.

 

I want to make sure your concern about categorization is taken care of.

 

Since you're having difficulty categorizing your transactions, I encourage seeking help from your accountant. This way, they can offer you some advice on the correct categories to use. Also, they can provide further guidance on either reconciling those transactions manually or undo the reconciliation. If you don't have an accountant, you can find one at this link: Find an accountant.

 

Once your transactions are already categorized properly, you can now reconcile your account in QuickBooks. If you need some guidance on this, you can check out this article: Reconcile an account in QuickBooks Online.

 

Our doors are always open to help you again if you need more assistance on reconciling accounts. Have a good one.

userjjoneschiet
Level 1

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

So there is a misconception here that is prohibiting me getting the correct answer. This credit is a donor deposit, not a credit from a bill. There is no bill to review. We are a church and the amount was incorrectly categorized into a non-titheable income account. As it was a designated donation for outreach, it should have been categorized into our outreach fund. Also, this happened back in April and the account has been reconciled.

So when I tried to correct the category in June, somehow it changed the credit into an expense. I don't know what I did, if anything but I can't seem to put it in the right category and change it back into a deposit. The balance sheet is showing that there is a minus balance in this fund and it should be a plus. Please help me figure this out!

Thank you,

Joyce

LieraMarie_A
QuickBooks Team

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

Thank you for sharing your concern in such great detail, @userjjoneschiet.

 

May I know the account type used for outreach fund? You'll have to select an income account to ensure you're recording it as a revenue. Let's verify it from your Chart of Accounts.

 

Here's how:

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Find the outreach fund account from the list.
  3. From the Type column, make sure that it is categorized as an income account.
  4. Otherwise, edit the account as needed.
  5. Click the drop-down arrow under the Action column and select Edit.
  6. You can change the account type to Income or create a new account if necessary.

 

You can check out these guides to know more about account and detail types:

 

I've also added some articles about the reconciliation workflow in QuickBooks. It contains complete information to keep your accounts accurate:

 

Tap me again if you need further assistance in getting your balance sheet straightened out. I'd be happy to help. Have a great day.

userjjoneschiet
Level 1

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

Our accountant set up those fund accounts with Type as Bank and detail type is Checking. I'm reluctant to change this. Does this mean that they are not income accounts?

Giovann_G
Moderator

I have an ACH deposit from a vendor that as an individual line item is a credit. But when I run the balance sheet, it shows up as an expense. How can I fix this?

Hi there, userjjoneschiet.

 

I'm here to clarify and give additional information about the account type in QuickBooks Online.

 

Yes, it isn't an income account. A bank account is the type of account where you can deposit or withdraw money for daily transactions. If you want to change this to an income account to track the money coming into your business, I'd suggest reaching out to your accountant for further guidance. This way, we can assure you that your book is accurate. Then, you can follow the steps provided by my colleague LieraMarie_A to change it to an income account.

 

In addition, feel comfortable reading these materials to learn more about managing your QuickBooks accounts:

 

 

I've included this resource for more information: Reconcile an account in QuickBooks Online. You'll find helpful information and tips on how you can balance your books.

 

Do you have more questions about managing your accounts and categorizing your transaction? Please let me know and I'll be around to help you again.

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