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Highlighted
Level 2

bank transfers

Hello QBO Community,

 

We transferred money into our account and it's showing up as a duplicate meaning as a payment and as a deposit. When I reconciled everything balanced out but the deposit is not showing up in QBO. I'm assuming this is because it's showing up as a deposit and a payment. Why is it showing up as a duplicate? Our interest paid shows up as a duplicate also. 

 

Thank you in advance!

 

Julie 

Solved
Best answer May 31, 2020

Best Answers
Highlighted
QuickBooks Team

bank transfers

Hello, @Julie.

 

Let me share some information so we can get rid of the duplicate transactions in your account.

 

Just to clarify, in which account is the duplicate showing? Also, is the account where the payments are transferred from connected with QuickBooks? If yes, let's make sure to record it as a Transfer.

  1. Go to the Banking menu.
  2. Choose the Banking tab.
  3. Select the account where the transfer is coming from.
  4. From the For Review tab, locate the transfer you've made.
  5. Click to expand.
  6. Pick the Record Transfer button.
  7. Enter the transfer details.
  8. Click the Record Transfer button.

However, if you only connected one bank account (the account where you transfer the money), you can link the deposits to your invoices. You can follow the steps below:

 

To find and edit the deposit

  1. Select the Accounting menu.
  2. Find the account you deposited the payment to, then click View Register.
  3. Locate and select the correct deposit.
  4. Hit Edit.
  5. On Bank Deposit screen, scroll down to Add funds to this deposit.
  6. In the Account column, search and select Account's Receivable.
  7. Click Save and close.

To apply the deposit (payment) to your invoice

  1. Go to the Sales menu.
  2. Go to the Customers tab.
  3. Select the customer's name.
  4. Find the invoice, then click Receive payment.
  5. Make sure both the Invoice and Deposit are selected.
  6. Click Save and close.

You can read through this article for more detailed instructions: How to link a deposit to an invoice.

 

Also, I'd recommend consulting with an accountant so you'd be guided accurately in managing your transactions and in reconciling it. 

 

Get back to us here if you have other questions about tracking your income and expenses in QuickBooks. The Community and I are always here to help.

View solution in original post

Highlighted
QuickBooks Team

bank transfers

I can help you record this transaction, @jwest2

 

You’ll encounter this error when making a transfer using the same account. You'll want to credit from one account and deposit from the other.

 

Money movement between bank (asset) or credit card (liability) accounts can be represented by Transfer, Expense, or Deposit transactions. 

 

You can also check on handling bank transfers and categorize and match online bank transactions in QuickBooks Online that you may also find helpful. 

 

Let me know if there's anything that you need. I'm always here to assist. Have a great rest of the day!

View solution in original post

8 Comments
Highlighted
QuickBooks Team

bank transfers

Hello, @Julie.

 

Let me share some information so we can get rid of the duplicate transactions in your account.

 

Just to clarify, in which account is the duplicate showing? Also, is the account where the payments are transferred from connected with QuickBooks? If yes, let's make sure to record it as a Transfer.

  1. Go to the Banking menu.
  2. Choose the Banking tab.
  3. Select the account where the transfer is coming from.
  4. From the For Review tab, locate the transfer you've made.
  5. Click to expand.
  6. Pick the Record Transfer button.
  7. Enter the transfer details.
  8. Click the Record Transfer button.

However, if you only connected one bank account (the account where you transfer the money), you can link the deposits to your invoices. You can follow the steps below:

 

To find and edit the deposit

  1. Select the Accounting menu.
  2. Find the account you deposited the payment to, then click View Register.
  3. Locate and select the correct deposit.
  4. Hit Edit.
  5. On Bank Deposit screen, scroll down to Add funds to this deposit.
  6. In the Account column, search and select Account's Receivable.
  7. Click Save and close.

To apply the deposit (payment) to your invoice

  1. Go to the Sales menu.
  2. Go to the Customers tab.
  3. Select the customer's name.
  4. Find the invoice, then click Receive payment.
  5. Make sure both the Invoice and Deposit are selected.
  6. Click Save and close.

You can read through this article for more detailed instructions: How to link a deposit to an invoice.

 

Also, I'd recommend consulting with an accountant so you'd be guided accurately in managing your transactions and in reconciling it. 

 

Get back to us here if you have other questions about tracking your income and expenses in QuickBooks. The Community and I are always here to help.

View solution in original post

Highlighted
Level 3

bank transfers

When you say transfer, is the source and the recipient account in your chart of accounts, or the money was transferred from other source?

 

Is the payment entry an invoice payment?

Highlighted
Level 2

bank transfers

The money was transferred from another source. Meaning the source account is not in our chart of accounts but the recipient account is. Do I need to connect the source account to QBO?

Highlighted
Level 2

bank transfers

It's not an invoice payment. It's just a money transfer 

Highlighted
Level 2

bank transfers

@IamjuViel this is the notification I get when trying to record a transfer. 

 

 

Highlighted
QuickBooks Team

bank transfers

I can help you record this transaction, @jwest2

 

You’ll encounter this error when making a transfer using the same account. You'll want to credit from one account and deposit from the other.

 

Money movement between bank (asset) or credit card (liability) accounts can be represented by Transfer, Expense, or Deposit transactions. 

 

You can also check on handling bank transfers and categorize and match online bank transactions in QuickBooks Online that you may also find helpful. 

 

Let me know if there's anything that you need. I'm always here to assist. Have a great rest of the day!

View solution in original post

Highlighted
Level 3

bank transfers

Alright, obviously you can't use transfer here because the source isn't in your COA. You can add it if it's a business account to do the transfer. If not, you gonna have to use Add on the dowloaded transaction instead of Transfer, and categorize it accordingly.

Highlighted
Level 2

bank transfers

Thanks @Test2Go I figured it out. I was debiting and crediting the same account.

 

Best,

Julie 

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