Deposit Error

Thank you!  

Hi i manually uploaded a bank transaction in quickbooks. and I see that the bank incurred an error in recording my deposit. how am i going to record this or how can i classify this error?

Hi Annjay,

Thanks for joining in on the thread. I'm happy to guide you in handling your deposit situation.

Just to clarify, do you mean your bank made the wrong amount in the deposit? If so, you need to track that amount as it will appear on your statement, and for you to reconcile your account.

I suggest not classifying anything at the moment. Wait for the bank to correct the amount, credit, or debit the rest of it, and then you do the same in your bank register in QuickBooks. This way, you won't have any issues with your reconciliation.

Feel free to reach back out if you need more help with your deposit. Take care and have a good one!

yes sir the bank made the wrong amount. i manually added the bank transaction to the banking account in quickbooks and i saw that they made a wrong amount but they offset it right away. right now the transaction is still in my banking tab and i still haven't added it or categorize to any entries. I don't know how to record it or categorize.

Thank you for the additional details, Annjay.

I have a few questions though. How much was deposited and the expected amount? Is this an invoice payment? Thanks.

yes it is an invoice payment. the bank recorded 87,004 which supposedly the correct amount is 87,040. The bank offseted the error right away and right now it is still in my banking tab and i haven't categorize it yet. I don't know how to rerord or categorize it yet.

Thanks for adding further details, @Annjay. I got your back to ensure you'll be able to record and categorize the invoice payment correctly. 

In QuickBooks Online (QBO), you can simply delete the wrong bank transaction and perform the manual update to download the latest entry.

Follow along below to get this done right away:

1. In your QBO company, go to the Banking menu.
2. Select Banking tab and click the account where the transactions is allocated.
3. Next, navigate to the For Review tab.
4. Check the box of the transaction with the wrong amount.
5. Select Exclude or Delete.
6. Choose Yes to confirm the action.

After that, manually update you bank to download the latest transactions. Here's how:

1. Select the Banking menu.
2. Then, click the bank account where the transaction belong.
3. Next, select the Update button.
4. When finished, check if you'll now see the correct entry.

Once everything is fine, you'll now ready to record the invoice payment and categorize it in QBO. 

Let me know how the steps goes. I'd love to know updates about this. If you have additional concerns about recording bank transactions in QBO, feel free to post again here. Have a good day. 

hi thank you for the instructions!

Hi there, @Annjay!

I'm happy to know that the instruction shared by my colleague above helps you with your concern about recording and categorizing invoice payments.

Our doors are always open to help you again if you have any other concerns or follow-up questions. Wishing you all the best!

Hi I want to ask. I want to send an invoice to a client through quickbooks, and I want to send to a client 1 invoice which covers 3 months. But when I do this the amount in the revenue account doubles since I already recorded  invoices per month. Can you recommend tips on how I can solve it. thank you

 I'm here to share some tips on how to send an invoice to your customer without counting it as double revenue, @Annjay.

I suggest you provide a customer statement with the invoices from the last three months. This prevents you from sending another invoice that will result in double revenue. 

You can choose either a Balance Forward, Open Item, or Transaction Statement. It's like sending them a gentle, detailed reminder about the upcoming invoice deadline.

Here's how:

1. Go to the Sales menu and then Customers.
2. Select the checkbox for the customer you want to make statements for.
3. In the Batch actions dropdown, select Create statements.
4. In the Statement Type dropdown (Balance Forward, Open Item, and Transaction Statements).
5. Select the dates for the statements and the date range.
6. Review the customer's email addresses.
7. Click on Save, Save and Close, Save and send, or Print or Preview.

For more information about the different types of customer statements, viewing, and customizing them refer to this article: Create and send customer statements in QuickBooks Online. 

After sending the statement and receiving customer payments, see this article on how to record it in your account: Record invoice payments in QuickBooks Online. 

Let me know in the Reply section below if you still have questions about customer statements or anything else about invoices. Have a great rest of the day!

How do I correct a deposit that was made for the wrong account the clients show the correct amount but the deposit was for $40 to much and the bank did a misc debit how do I show the wrong amount since it was over the amount and not showing on client account but is showing on deposit. 

HI, I've got this same (or similar issues on a few deposits).  A deposit slip was added incorrectly and the bank did not realize it until later in the day. Amount was $17,866.66 and it should have been for .70 more ($17,867.36).  The bank made a deposit for the $17,866.66 and then made a deposit later in the day for $0.70. So I have two lines of deposits - one for $17,866.66 and another for $0.70.  How do I fix this so that I can have only one correct deposit amount and then match the invoices to the deposit? 

I also have another one with the same issue. Incorrect amount was written on deposit slip (due to addition error), and then bank later added the correct amount later.  

Thanks so much, Robin

I know a way to match your deposit to your invoice in QuickBooks Online (QBO), @PlumbingSecretary.

In QuickBooks, there’s no way we can match multiple deposits from your bank feeds to an existing transaction in the application. However, there’s a trick that we can do to link them without any complication. 

In this, we can utilize the Resolve difference feature. This functionality assists in entering the adjustment when the bank item amount doesn’t match the amount entered. In other words, we can use this to enter an adjustment to resolve the difference.

To start, let’s locate and match the transaction amounting to $17,866.66 as per your verbatim to the invoice. Here’s how:

1. In the For Review tab, locate the deposit and tap this to expand.
2. Click the Find Match radio button to drill down all possible matches.
3. From the Match transactions window, filter the dates that cover when you received or recorded the amount.
4. Once you select the transaction, scroll to the bottom of the table and click Resolve difference on the right.
5. In the Add Resolving Transactions section, select the Date, Payee, and Category associated with the transaction.
6. Then, enter the amount difference.
7. Lastly, click Save.

After that, we can exclude the other deposits reflecting from your bank feeds to keep your records accurate and make your reconciliation process easier. I’ll show you how:

1. Go to the Transactions menu in the left panel and choose Bank Transactions.
2. In the For Review tab, select the particular transaction you are referring to.
3. Tap on the Exclude button.

Consider checking out these articles on how to classify transactions and carry out account reconciliation for accurate bookkeeping:

• Categorize and match online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online
• Fix issues at the end of a reconciliation in QuickBooks Online

Please comment on this thread if you have more questions or concerns about managing bank transactions. I'll get back to you as soon as possible to help. Take care!

What should the Category be? Our bank (main account)? Or something else?  When I type the amount, it doubles the amount where it says "Resolve and Difference" ($1.40). 

I'll help you determine the appropriate category when utilizing the Resolve difference in QuickBooks Online (QBO), PlumbingSecretary.

Make sure not to use your primary or source account as this will double or duplicate the amount. Instead, select the specific account where you want to offset the amount. For instance, if it's an expense, choose an expense account for offsetting. You can refer to this article for more details: Resolve the difference in a matched transaction.

I also recommend reaching out to your accountant for the best category to use and further guidance.

You can also reconcile your accounts to match your bank and credit card statements.

Comment back if you have anything else you want to clarify about handling categories. I'm ready to give the necessary information. Take care.