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HowardF
Level 2

Deposits into bank show as Received in Review section but then are incorrectly recorded as Payments once Added

I'm using Quickbooks Online.

 

The connection to TD Bank is working fine.  QBO connects to TD, grabs the transactions, and shows them in the "For review" section.

 

In the For review section, bank deposits show as money in the "Received" column.  The amount received is correct and the category is correct.  I click the Add button to accept the transaction into the register. 

 

However, when I look in the register, the transaction is showing as a Payment rather than a Deposit.

 

I verified in the Chart of Accounts that I am classifying these deposits as Income.  So I can't see any reason why Quickbooks would change the Deposit to a Payment.

 

Any ideas?

 

Thanks in advance for you time and attention.

 

4 Comments
katherinejoyceO
QuickBooks Team

Deposits into bank show as Received in Review section but then are incorrectly recorded as Payments once Added

Welcome to the Community,@HowardF. Thanks for being detailed on your concern. I'm sharing insight on how QuickBooks categorize the transaction when it's added or matched. 

 

In QuickBooks, you have the option to add, match, and view multiple matches. When a transaction is tagged as payment in the Reviewed section, it means that there could be a match on that transaction with your existing invoice payment. Though, it still recorded as an income.  

 

See screenshot below: 

catrogirize.JPG

You'll want to click the link in the Added or Matched column to review the transaction. You can also select Undo to send it back to the For Review section should you need to re-categorize the transaction. 

 

Read through this article to learn more about how to reclassify the matched or added transactions in QuickBooks Online: Unmatch or move bank transactions after reviewing them

 

Let me know if you have more concerns. We're always delighted to assist. 

HowardF
Level 2

Deposits into bank show as Received in Review section but then are incorrectly recorded as Payments once Added

Hi @katherinejoyceO ,

 

Thanks for your response.

 

We are just beginning to use QBO.  I have not created any transactions manually.  I simply connected to TD bank and imported all the existing transactions from the past few months.  Therefore, in the Review section, there is never a prompt to Match, only to Add.

 

Interesting to note, this is only happening to deposits which we initiate at the bank.  The electronic deposits we receive from the credit card processor are added to the register correctly.

 

I suspect this a bug in QBO.  In the review screen it clearly shows the amount is "Received", and the account selected is defined as an Income type account.  

 

By the way, when I do add the deposit to the register and then try to edit it to change it to a deposit, there is no way to do so.  QBO thinks it is a check written and pops up the Check window.

 

Is anyone else in the community having this problem?

 

Thanks,

H

 

AileneA
QuickBooks Team

Deposits into bank show as Received in Review section but then are incorrectly recorded as Payments once Added

Hello, @HowardF

 

The data downloaded in QuickBooks depends on what the paying bank sends us. Though, constant security updates, connectivity issues, and data transmission interruptions are possible reasons behind the unusual behavior. When this happens, you can select Undo the transaction and re-categorize it again.   

 

  1. Go to the Banking menu.
  2. In the For Review tab, locate and click the transaction to match.
  3. Click the Match radio button and hit Find other records.  
  4. In the Match transactions page, locate the invoice you'd like to match the deposit.
  5. Click Save.

 

find.PNG

 find1.PNG

 

If you're unable to find the transaction, you'll want to Add it instead to create a transaction in QuickBooks. Please see this article for more information about: Match and categorize bank transactions in QuickBooks Online.

 

You can also check this article in case you want unmatch or move bank transactions after reviewing them.

 

However, if the issue persist, I recommend reaching out to our Customer support team, as they have the tools to pull up your account in a secure environment and to determine what causes this issue. 

 

If there's anything else that I can help you with, please let me know in the comment section down below. I'm happy to lend a helping hand. Take care!

vpcontroller
Level 11

Deposits into bank show as Received in Review section but then are incorrectly recorded as Payments once Added


@HowardF wrote:

Hi @katherinejoyceO ,

 

Thanks for your response.

 

We are just beginning to use QBO.  I have not created any transactions manually.  I simply connected to TD bank and imported all the existing transactions from the past few months.  Therefore, in the Review section, there is never a prompt to Match, only to Add.

 

Interesting to note, this is only happening to deposits which we initiate at the bank.  The electronic deposits we receive from the credit card processor are added to the register correctly.

 

I suspect this a bug in QBO.  In the review screen it clearly shows the amount is "Received", and the account selected is defined as an Income type account.  

 

By the way, when I do add the deposit to the register and then try to edit it to change it to a deposit, there is no way to do so.  QBO thinks it is a check written and pops up the Check window.

 

Is anyone else in the community having this problem?

 

Thanks,

H

 


 

@HowardF 

"Is anyone else in the community having this problem?"

 

No, that's new to me especially you mentioned other Received section deposit transactions are posted correctly in the register.

The only suggestion I have is, you may want to open the transaction in question and click More at the bottom and open the Transaction Journal and see how it's posting. If it's a deposit, debit should be bank account. You may also want to UNDO it and add again, see what happens.

 

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