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Thank you for sharing your concerns here, Thedancerslist. To help address the issue of duplicate transactions in QuickBooks Online, I would like to provide you with more information to track your financial records accurately.
Connecting PayPal and Shopify can result in duplicate entries in QBO, as both platforms automatically import sales transactions. To resolve this issue, you can remove your PayPal or Shopify account and exclude duplicate transactions.
When you download your Shopify data through the Banking Transactions tab, all the information will appear in the For Review tab. To ensure effective record-keeping, categorize these transactions as either sales or expenses.
As for the undeposited funds, this transaction will not appear on the Sales home dashboard because they need to be categorized accurately. These funds are not considered a sales account. They serve as a temporary holding account.
Here's how you can categorize them:
- Choose the transaction you want to categorize under Banking Transaction.
- Choose the Type of Transaction, either Sales Receipt or Deposit.
- Select Who it was for, Category, and Services.
- Lastly, press the Confirm button.
Furthermore, record bank deposits manually by following the steps in this article: Record and make bank deposits in QuickBooks Online.
Moreover, if you need help choosing an accurate expense account, consult your accountant for guidance. Do you want to have one? Visit this article: The ProAdvisor Program.
In addition, regularly check your accounts to maintain accurate QuickBooks records. You can do this by reviewing your bank statements. For detailed instructions, refer to this article: Reconcile an account in QuickBooks Online.
You can always share your concerns about managing bank transactions in QuickBooks Online. Your input is valuable to us. Stay safe.
