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Level 1

Double counting of expense/bill and cleared checks

I'm obviously doing something wrong, as I'm double counting many expenses and bills.

 

When I receive a bill from a vendor, I enter that bill as an expense in QBs.  I then 'make the payment' on that bill and print/mail the check to the vendor.  (the first expense transaction listed in QBs).

 

Once the vendor deposits/cashes the check (ie. clears my bank) and that transaction is accepted and added to my register.  (the second transaction listed in QBs).

 

All of my QBs transactions that had checks input and printed from QBs have resulted in double counting of expenses, and is negatively affecting my P&Ls. 

 

What is the best way to fix the problem(s) that have already occurred, and the best way to prevent them again going forward?

 

Please help!

Solved
Best answer October 15, 2018

Best Answers
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Community Champion

Double counting of expense/bill and cleared checks

For credit card transactions, most people just download them (instead of matching).  It is really up to you and how you want to do the workflow.  If you prefer to enter the receipts as you get them, then match them.  Most people find it easier just to enter them when they drop at bank feed time.

 

Lynda

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7 Comments
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Community Champion

Double counting of expense/bill and cleared checks

Hello @DrKB:

 

You were doing fine with entering a bill and paying the bill.  Now you need to MATCH that transaction at the bank feed level.  If you enter it, it will add the expense a 2nd time, which you obviously do not want to do.

 

Lynda

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Level 1

Double counting of expense/bill and cleared checks

Lynda,  thank you for the advise!  I download all of my bank and credit card transactions electronically, and 'Add' them to QBs once the proper information is completed (location, class, account, description, etc.).  Is that different than 'Match' the transactions?  Is there a way to Match (ie. link) those two transaction together, once they've been added?  Do I need to delete the 'add' transaction and then 'match' them?

Highlighted
Community Champion

Double counting of expense/bill and cleared checks

For credit card transactions, most people just download them (instead of matching).  It is really up to you and how you want to do the workflow.  If you prefer to enter the receipts as you get them, then match them.  Most people find it easier just to enter them when they drop at bank feed time.

 

Lynda

View solution in original post

Highlighted
Level 1

Double counting of expense/bill and cleared checks

Hi I am having the same issue. The payment was paid directly from Quickbooks at the time the bill was created. Therefore the bill is marked as paid and does not show up in the list of open bills to match the bank transaction to. 

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Moderator

Double counting of expense/bill and cleared checks

Hello there, Ashley247.

 

You have me to help you match the bank transaction and the open bill. 

 

To start with, we'll have to create an Expense transaction. This way, the system will record the bill payment you've made. I'll show you how:

 

  1. From the + New button, select Expense.
  2. Select the Payee and the correct bank account.
  3. Select an expense account in the Category details section.
  4. Enter the Description and AMOUNT.
  5. Click Save and close.

 

Then this time, we'll have to match it to the banking transaction.

 

  1. From the Banking tab, select Banking.
  2. Select the expense transaction.
  3. Click the Match radio button, and then select Find other records.
  4. In the Show field, select Open bills.
  5. Select the bill payment.
  6. Click Save.

SC 02.JPG

 

I've also added this article when you're ready to reconcile: Reconcile an account in QuickBooks Online.

 

Feel free to get back to me if you need help. I'll be around!

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Level 1

Double counting of expense/bill and cleared checks

Thanks for your response Adrian. This unfortunately does not solve the problem because we are using the new "save and schedule payment" feature when creating a bill. This takes us directly from creating a bill to initiating a payment through our bank account, after which the bill is marked as paid. However once the transaction clears the bank, it shows up AGAIN in the banking tab even though the bill is already closed/paid. 

Highlighted
Moderator

Double counting of expense/bill and cleared checks

I appreciate you for trying the steps I've shared, Ashley247.

 

At this time, I'd recommend reaching out to our Phone Support team. This way, an agent can take a look at your account and verify why the transactions are still showing in the Banking pager.

 

 

Here's how you can contact us:

 

  1. From the ? Help icon, click Contact Us.
  2. Enter The transactions are still showing on the Banking page even after it's paid.
  3. Click Let's talk.
  4. From there, select either Schedule a callGet a call, or Start a chat.

 

I've also added this article as your guide when matching transactions: Categorize and match online bank transactions in QuickBooks Online.

 

Let me know if you have other payroll concerns. I'm here to help you out!

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