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Jamie2020
Level 1

Correcting old uncategorized assets

I have found two uncategorized transfer entries from June 2018, reconciled, that didn't get caught and corrected when they were autosynched from bank uploads. They should have been a transfer from the bank account to the Paypal account. They show up in the Paypal account as transfers. In the bank account, they show up as two checks payable to bank's credit card Paypal deposits (payee)--these should have been associated with the transfers.  All four transactions were reconciled long before now. So, I'm thinking some kind of journal entry to correct the uncategorized asset account in the transfers and the check payee for the check transactions.  How would I do that?

2 Comments 2
gayatriluthfias20
Level 7

Correcting old uncategorized assets

Hi @Jamie2020 , when a payment to a unrecognized account is made in QBO the automatic rule creation feature in the bank feed can automatically categorized the transaction as a transfer to uncatogerized asset. This happen when you make a payment from QBO connected account to an account that is not connected to QBO. Often, there is no vendor referenced name in the bank text, but there is a reference to transfer or payment. Article : Uncatogerized asset  , also you can input uncategorized asset account manually.

Please ask if having other follow up questions.

gayatriluthfias20
Level 7

Correcting old uncategorized assets

If you are using a connected business account to transfer money to a personal bank or credit card account you have taken a owner equity draw.

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