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journeyofmyheart
Level 1

How to delete an entry in review from debit to credit?

my bank recorded an entry as a debit. It was a refund and should be recorded as credit. How to change?
2 Comments 2
Rose-A
Moderator

How to delete an entry in review from debit to credit?

I'd be pleased to help and walk you through how to delete an entry on your banking page in QuickBooks Online, journeyofmyheart.

 

QuickBooks Online is dependent on the data that the bank processor transmits. The system will post the transactions the same way your financial institution created them.

 

To change this, you can exclude and delete the transaction and manually download the corrected statement again.

 

Here's how to exclude them:

 

  1. In the left navigation tab, click on Transactions and choose Banking.
  2. In the For Review tab, select the incorrect transaction. 
  3. Hit on the Exclude button.
  4. Go to the Excluded tab, select the incorrect transactions again.
  5. Hit the Delete button.

 

Once deleted, let's upload the correct transaction. You can coordinate with your financial institution and ask for CSV file bank statements. See the steps below to complete the process.

 

  1. In the left navigation menu, click on Banking.
  2. Select the right bank.
  3. From the Update drop-down menu, select File upload.

 

For more details about this process, check out this article: Manually Upload Transactions into QuickBooks Online.

 

Additionally, you can visit the links below. This will provide you with more information on how to review multiple transactions in QuickBooks Online as well as handling banking rules:

 

Categorize and match online bank transactions in QuickBooks Online

How to set and use banking rules for downloaded transactions

 

I'm just around to help if you need further assistance. Take care always. Have a good one!

Rainflurry
Level 15

How to delete an entry in review from debit to credit?

@journeyofmyheart 

 

I'm guessing the bank did it correctly.  In accounting terms, a refund from a bank is recorded as a debit.  There is also an offsetting credit which is the account that you assign the deposit to.  The deposit increases your cash asset account (debit).  When someone says "the bank credited my account", we understand that to mean that money was put into our account, but from an accounting perspective, the cash deposit itself is a debit.

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