ACCTVERIFY Bill.com ACH CREDIT

Thank you for bringing up your concern about categorizing a transaction here in the Community. I'd be happy to guide you through this.

When you see a discrepancy while reconciling, specifically with the 0.1 transaction, it can indeed cause confusion. Let me help clarify what's happening here.

To begin with, this transaction is a test transaction from Bill, often done to verify that your bank account is properly linked for future payments. It's a common practice for companies to send small credits like this to ensure that they can transfer funds correctly.

With this, I suggest checking your bank statement to see if this is indeed a test transaction. Once you've confirmed that this is a verification entry, we can exclude this transaction instead of categorizing it. Rest assured, as it won't affect your financial books.

To do exclude that transaction, please follow the steps below: 

1. Navigate to Transactions, then choose Bank transactions.
2. Select the For Review tab.
3. Click the checkbox of the transactions to exclude.
4. Select Exclude.

If you prefer to keep that transaction, I suggest reaching out to your Accountant. They have the expertise to help you record this accurately.

Additionally, you can check out this article to learn how to fix your reconciliation: 

• Fix issues at the end of a reconciliation in QuickBooks Online
• Fix issues for accounts you've reconciled in the past in QuickBooks Online

If you need more help with your reconciliation process or further clarification on this entry, feel free to reach out. I'm here to help ensure your transactions are categorized correctly. 

Hi Rogelio,

Thank you for your kind response.

1. I am unable to see or confirm the $0.01-ACCTVERIFY transaction within Bill.com. If you know where to locate this in Bill.com, please let me know.

2. If I exclude this transaction, how can I ensure that it will not affect the reconciliation, even though it appears under "Deposits, Credits, and Interest"?

3. Upon reviewing previous transactions with the same description, they were categorized as "Bank Fees & Service Charges" under Expenses. Could you advise why the prior accountant may have categorized them this way?

TY for your next response. 

I appreciate you trying out the steps provided by my colleague, @Lely. Let me dive into your follow-up questions to ensure you complete everything smoothly.

On your first point, $0.01 ACCTVERIFY transaction is essentially a test deposit to verify your account's ability to process payments. To locate this transaction, I'd recommend reaching out to the Bill.com support. 

For your second question, excluding it won't affect the reconciliation.

Regarding your last question, I'd suggest contacting an Accountant for further insights into why the previous accountant categorized it that way.

Additionally, I recommend checking out the article Fix issues at the end of a reconciliation in QuickBooks Online and Fix issues for accounts you've reconciled in the past in QuickBooks Online to learn how to resolve reconciliation problems.

Please let us know if you need anything else. We're always here to help. Have a good one.

Hi ShangY,

Thank you for your kind response.

After consulting with Bill.com support, I found the following information: "The bank account will show as verified immediately, allowing you to schedule payments. Within 1-2 business days, we'll send a test deposit of $0.01 (a penny) to your vendor's bank account to confirm it can receive payments (we won't debit the penny back). If the test deposit isn't successful, we'll invalidate the bank account, notify you via email, and inform you if any payments fail."

Excluding this transaction is my last option, since I don’t have any contact with the previous account handler. Could I ask if you think this option would be acceptable?

"In QuickBooks, you can categorize the $0.01 account verification deposit as "Other Income" or "Miscellaneous Income" if you wish to record it as an income transaction. However, if you’d prefer not to impact your income statement with such a small, non-operational amount, you might also consider categorizing it under "Ask My Accountant" or "Miscellaneous" for easier identification and follow-up.

Alternatively, since it’s a minor amount that doesn’t represent actual income or an expense, you might even consider skipping categorization if it’s non-essential to your financial records."

TY in advance.

Hi there, Lely.

I'm here to inform you that the various classification options you have provided for categorizing the $0.01 account verification deposit are acceptable in QuickBooks Online (QBO). I recognize that small transactions like these can often be overlooked; therefore, it is essential to accurately record each one to maintain financial statement integrity.

To ensure error-free accounting, I strongly suggest seeking guidance from your accountant in recording this amount. Your accountant is well-versed in the standards and principles of financial accounting and can provide you with the best course of action in recording this transaction. If you haven't yet appointed an accountant for your business, you can follow this link to explore a list of qualified accountants that can provide you with QuickBooks support: Find a QuickBooks ProAdvisor.

Additionally, utilizing this article can help navigate you through the recording process in QBO: Categorize online bank transactions in QuickBooks Online.

Reach out to us again if you have other inquiries about categorizing your $0.01 deposit or any QBO-related questions. We're always willing to assist you in making your business run smoothly. Have a wonderful weekend.