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HDM2
Level 1

Bank error: misread paycheck and overpayment

An employee's bank misread their paycheck and overpaid them by $100. The bank has since credited back the overpaid amount in a separate "adjustment transaction" but I can't figure out how to match these two separate transactions with the employees paycheck. I tried excluding both transactions and creating a new bank deposit using the actual amount but QBO doesn't seem to like my using negative amounts this. Suggestions please?

Solved
Best answer April 20, 2021

Best Answers
KlentB
QuickBooks Team

Bank error: misread paycheck and overpayment

I can help you with that, HDM2.

 

Take note that we're unable to match those two transactions to the employee's paycheck because they have different amounts. Since the overpayment has been credited back to your financial institution, you can just exclude the two downloaded transactions. Then, manually clear the paychecks in the bank register. I'll show you how:

 

  1. Select Accounting from the sidebar menu.
  2. Go to Chart of Accounts.
  3. Find the account holding the paychecks, then select View register from the Action column. 
  4. Select the paychecks to expand the view, then review the Check column. 
  5. Keep clicking the checkbox until it shows a letter to mark the transaction as cleared.
  6. Click Save, then close the account register.

I'm also adding these articles to help manage your bank transactions and keep your accounts up-to-date:

 

Feel free to tag my name in your posts and comments if you need more help in completing your other pending tasks. I'll be more than happy to assist you again.

View solution in original post

3 Comments 3
KlentB
QuickBooks Team

Bank error: misread paycheck and overpayment

I can help you with that, HDM2.

 

Take note that we're unable to match those two transactions to the employee's paycheck because they have different amounts. Since the overpayment has been credited back to your financial institution, you can just exclude the two downloaded transactions. Then, manually clear the paychecks in the bank register. I'll show you how:

 

  1. Select Accounting from the sidebar menu.
  2. Go to Chart of Accounts.
  3. Find the account holding the paychecks, then select View register from the Action column. 
  4. Select the paychecks to expand the view, then review the Check column. 
  5. Keep clicking the checkbox until it shows a letter to mark the transaction as cleared.
  6. Click Save, then close the account register.

I'm also adding these articles to help manage your bank transactions and keep your accounts up-to-date:

 

Feel free to tag my name in your posts and comments if you need more help in completing your other pending tasks. I'll be more than happy to assist you again.

View solution in original post

KlentB
QuickBooks Team

Bank error: misread paycheck and overpayment

Hi HDM2,

 

Hope you’re doing great. I wanted to see how everything is going about the issue in your downloaded online banking transactions. Were you able to categorize them? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

 

Looking forward to your reply. Have a pleasant day ahead!

HDM2
Level 1

Bank error: misread paycheck and overpayment

Thank you, yes, this seems to have corrected my issue! I appreciate the help!

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