cancel
Showing results for 
Search instead for 
Did you mean: 
websoftpr
Level 3

Expenses are entering as deposits

Hello, while doing import from bank, some transactions that are expenses are being entered as a deposit and the amount is showing a - number. Is there a way that I can reverse this without deleting the entry and doing it all over again?. See print screen.

 

Thanks,

Solved
Best answer May 10, 2021

Best Answers
Catherine_B
QuickBooks Team

Expenses are entering as deposits

I can show you how to re-import your bank transactions, websoftpr.

 

While the option to change the transaction types, you'll have to delete and recreate them. If you're manually importing your bank transactions, you can open the CSV file you downloaded from your bank's website. Then, you can transfer transactions that are on the Debit side to the Credit side and vice versa. For more detailed steps in importing bank transactions, you can use this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

For the added transactions, you'll want to Undo the action and Exclude them. Feel free to use this article that helps you categorize and match online bank transactions in QuickBooks Online

 

Keep me posted if there's anything else that you need in handling your bank transactions. Take care and have a great day!

View solution in original post

jamespaul
Moderator

Expenses are entering as deposits

Hello, websoftpr. 

 

Thanks for the updates and I appreciate the screenshot. I see the problem and I'm happy to help you correct the imported transactions. 

 

Looking to your screenshot, I see that the amount is under the Received column. This is for income transactions, so this is the reason why they come out as "Deposits" on the Profit and Loss report. 

 

To fix this, undo those transactions you've added then delete them from the Banking page. Simply go to the Categorized tab, and click the Undo button. You can also check the transactions to undo them in batch. 

 

Next, format your expenses properly on your CSV or Excel file. Make sure to code the expenses under Debit or put a negative sign on the amount. That way, the system will recognize them as expenses.

 

If you need help with the formatting, feel free to check this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

Finally, re-import your CSV file with the correct format. 

 

Need to do you reconciliation after bringing everything into QuickBooks correctly? Check out this guide for more details: Reconcile an account in QuickBooks Online

 

Do you have more questions about the Online Banking feature? Let me know and I'll work with you and take care of your transactions. More concerns about QuickBooks Online? Add them here and I'll help you out. 

 

View solution in original post

10 Comments 10
SarahannC
Moderator

Expenses are entering as deposits

Hello there, websoftpr. Thank you for adding a screenshot!

 

Let me start by sharing the details about the imported transactions in the program. The bank transactions that will download in QuickBooks will depend on the financial data shared from your bank. 

 

We don't have an option to edit the deposits from your bank showing on your Bank Feeds. What we can do is exclude the expenses showing as deposits and manually enter them as a deposit. The steps below will guide you further:

 

  1. Go to Banking on the left panel.
  2. Within the Banking tab, choose an account.
  3. Go to the For Review section.
  4. Put a check mark beside the transactions.
  5. Select Exclude.

 

When recording or making a deposit in QBO, you can go to the +New button. Then, select Bank Deposit. I'd recommend checking this article for the complete steps on how to do it: Make bank deposits.

 

For the monthly reconciliation process, you can check these articles for additional guide:

 

 

Also, I'd recommend sharing the name of your financial institution. This way, I can provide additional information about it if necessary. 

 

Please let me know if you have other questions. You can always post them here and I'll help you right away. Take care and enjoy your day.

SarahannC
Moderator

Expenses are entering as deposits

Hi websoftpr,


Hope you’re doing great. I wanted to see how everything is going about the expenses that are showing deposits. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.


Looking forward to your reply. Have a pleasant day ahead!

websoftpr
Level 3

Expenses are entering as deposits

Hello, thanks for your reply. My concern now is that I have entries that are categorized as deposits, but are expenses. I have not found a way to change this other than deleting the transaction and do it again, is this the  only way?

Catherine_B
QuickBooks Team

Expenses are entering as deposits

I can show you how to re-import your bank transactions, websoftpr.

 

While the option to change the transaction types, you'll have to delete and recreate them. If you're manually importing your bank transactions, you can open the CSV file you downloaded from your bank's website. Then, you can transfer transactions that are on the Debit side to the Credit side and vice versa. For more detailed steps in importing bank transactions, you can use this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

For the added transactions, you'll want to Undo the action and Exclude them. Feel free to use this article that helps you categorize and match online bank transactions in QuickBooks Online

 

Keep me posted if there's anything else that you need in handling your bank transactions. Take care and have a great day!

websoftpr
Level 3

Expenses are entering as deposits

Thanks, for your reply, I need to delete all transactions and then re-import.

Feesho
Level 1

Expenses are entering as deposits

Hi

websoftpr
Level 3

Expenses are entering as deposits

Hello, I deleted all transactions and imported again. When I'm categorizing the imported transactions, even though I add the vendor and double-checked the category is an expense, in this case Internet Expense, after accepting the transaction I go into the P&L and see the amount with a negative sign $-84.78 and when I open the transaction is registered under Transaction type as a deposit, have no idea why system is doing this.

websoftpr
Level 3

Expenses are entering as deposits

Hello, not working correctly and deleted translations and imported again with same results, see print screen.

jamespaul
Moderator

Expenses are entering as deposits

Hello, websoftpr. 

 

Thanks for the updates and I appreciate the screenshot. I see the problem and I'm happy to help you correct the imported transactions. 

 

Looking to your screenshot, I see that the amount is under the Received column. This is for income transactions, so this is the reason why they come out as "Deposits" on the Profit and Loss report. 

 

To fix this, undo those transactions you've added then delete them from the Banking page. Simply go to the Categorized tab, and click the Undo button. You can also check the transactions to undo them in batch. 

 

Next, format your expenses properly on your CSV or Excel file. Make sure to code the expenses under Debit or put a negative sign on the amount. That way, the system will recognize them as expenses.

 

If you need help with the formatting, feel free to check this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

Finally, re-import your CSV file with the correct format. 

 

Need to do you reconciliation after bringing everything into QuickBooks correctly? Check out this guide for more details: Reconcile an account in QuickBooks Online

 

Do you have more questions about the Online Banking feature? Let me know and I'll work with you and take care of your transactions. More concerns about QuickBooks Online? Add them here and I'll help you out. 

 

websoftpr
Level 3

Expenses are entering as deposits

thanks a lot, this was the issue indeed, resolved!!

Need to get in touch?

Contact us