cancel
Showing results for 
Search instead for 
Did you mean: 
julianodasilva-g
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

 
13 Comments 13
MaryLurleenM
Moderator

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Hello there, julianodasilva-g,

 

The deposit transaction amount will show as negative based on the category type or the posting account used. 

 

Once the account category is income, then the Bank deposit will result in a positive value. If it's categorized under expense, then it'll result in a negative total because it'll be deducted to your account. You can check each of your deposit accounts to verify where they're categorized by pulling up the Deposit Detail report.

  1. Click Reports on the left pane.
  2. Type Deposit in the search box, then select Deposit Detail.
  3. Set the Report period.
  4. Click Run report.
  5. Locate and click the Deposit under the Transaction Type column.

Once done, you'll be routed to the Bank Deposit transaction window. From there, double-check the account you used when you made your deposit.

 

Let me know if you need further assistance.

julianodasilva-g
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Hi Mary, thanks for your reply!

 

Actually, I just checked again, and although this is an ACH type transaction it's showing as check, hence why is showing as a negative amount. How do I change from a check to a deposit type transaction?

 

Thanks,

 

-Juliano

vpcontroller
Level 11

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

@julianodasilva-g 

"I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?"

 

Let me try to understand your issue here in the transaction detail.

On the Banking tab under Received, you see deposit amount and you categorize deposit to income.

And on the P&L, the income is showing up as well a negative amount. And on the Bank account, the deposit is not adding but substrating from the balance. Is that what's happening here?

 

If it's true, this may be a new glitch in QBO, QuickBooks Engineers need to investigate ASAP.

I also heard the same issue from a few other users as well.

https://quickbooks.intuit.com/learn-support/en-us/banking/deposits-into-bank-show-as-received-in-rev...

 

https://quickbooks.intuit.com/learn-support/en-us/banking/how-do-i-fix-downloaded-bank-deposits-that...

 

 

 

julianodasilva-g
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

No. Let me explain.....

 

There is an ACH transaction of $1,000 into my checking account from my property management who pays the same amount every month. (I just moved to QB) In QBs, the transaction type shows as CHECK, which implies it's an expense, but in reality it's a deposit or income into my checking account. Once I categorize the item under the Transactions tab -> checking account, the profit and loss statement shows up as negative, which is wrong.

 

Does it make sense? Screenshot attached.

CharleneMae_F
QuickBooks Team

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Thanks for providing us more details, @julianodasilva-g.

 

As my colleague mentioned, if the transaction is categorized as income, it'll show positive. We'll have to manually update the banking page to see if the transaction is downloaded as an income or deposit. Here's how:

  1. Go to the Banking menu and then select Banking.
  2. Click the Update button.

 

If it isn't, we'll have to exclude it and manually enter the transaction in QuickBooks as a deposit.

 

Here's how to exclude transactions:

  1. Go to the Banking menu and then select Banking.
  2. On the Banking page, select the For Review tab.
  3. Select the checkbox of the transaction to exclude.
  4. From the Batch actions drop-down menu, choose Exclude Selected.

 

Once done, you can now create the transaction manually.

  1. Go to the + New button.
  2. Select Bank Deposit.
  3. From the Account drop-down▼menu, choose the account you want to deposit the money into.
  4. Enter the needed information.
  5. Click Save and close.

 

Also, here's an article that'll help you in matching your bank transactions in the future: Categorize and match online bank transactions.

 

Don't hesitate to leave a comment below or start a new thread if you have other QuickBooks related concerns. The Community team got your back.

julianodasilva-g
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Thanks Charlene!

 

This works well... The only problem is that I have to do this manually every month. :( Is there way to change the transaction type in QBs? 

Catherine_B
QuickBooks Team

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Hello there, julianodasilva-g. 

 

We're unable to convert transaction types by batch, you'll have to enter them individually. However, when you deposit funds to your bank, you can enter the payments from multiple sources all at once. From the Bank deposit page, you can enter multiple lines under the Add funds to this deposit section. Bank deposit.PNG

You can look into the account's register to see that a Bank deposit transaction is being posted. Just click the Accounting menu and select Chart of Accounts. Search for the account to easily locate it. For more details, you can check out this article on how to record and make Bank Deposits in QuickBooks Online.   

 

The Community Team is always here to help you. Just leave your reply below and we'll surely get back to you. Take care! 

julianodasilva-g
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Hi Charlene,

 

This is really disappointing. I just noticed that all ACH transactions are not coming in as a deposit, rather, they're coming in as CHECK, i.e., expenses. I'm really disappointed because I just switched from Xero per my accountant's request, but Xero worked perfectly. 

 

Having to exclude and add a bank deposit manually is really tedious and time-consuming for me. 

 

I'm deeply disappointed. 

RenjolynC
QuickBooks Team

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Thanks for getting back here, julianodasilva-g.

 

I'd like to share some information about the downloaded transactions. In QuickBooks Online, once your bank is connected, the downloaded data depends on what your bank shares with us and how they are posted on your bank's website.

 

You'll want to reach out with your bank to check what's causing the deposits to be downloaded as a check. This is to correct your future transactions.

 

In the meantime, you can follow the steps provided by CharleneMae_F on how to exclude the downloaded transactions.

 

Please feel free to add a comment if you have any additional comments or other questions. Take care.

vpcontroller
Level 11

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?


@julianodasilva-g wrote:

Hi Charlene,

 

This is really disappointing. I just noticed that all ACH transactions are not coming in as a deposit, rather, they're coming in as CHECK, i.e., expenses. I'm really disappointed because I just switched from Xero per my accountant's request, but Xero worked perfectly. 

 

Having to exclude and add a bank deposit manually is really tedious and time-consuming for me. 

 

I'm deeply disappointed. 


@julianodasilva-g 

 

This's definitely not normal. QBO Banking is not supposed to work this way...maybe a new glitch that needs review. You may want to give them a call for further review.

julianodasilva-g
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

@RenjolynC I don't think it's my bank's fault since it used to work well in Xero. I can try reaching to them but it's very unlikely that they'll do anything since it worked in the past 4 years while using Xero. 

BettyJaneB
QuickBooks Team

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

Hello there, @julianodasilva-g.

 

Allow me to provide some insights to get this concern sorted out so deposit will no longer show as negative.

 

As stated by my colleague RenjolynC above, the system is dependent on the entries that are transmitted from your bank. To help verify the transaction type of these entries, I suggest contacting your financial institution.

 

Once verified that all the data are correct and the problem continues, you may reach out to our Customer Care Team. They can run a remote-viewing session to check on your transaction and identify the root cause of this matter.

 

For now, to get your work done, you may follow the instructions shared by CharleneMae_F above.

 

To add up, here are some links that you can check out to guide you in reconciling your account and on how to fix its issues:

Know that you can always get back to the Community if you have any other concerns. I'll be right here to help. Take care!

urge152
Level 1

I'm pulling transactions from my bank account. Once I categorize a deposit (positive), it shows up as a negative amount in the PNL. How come is it showing up negative?

I am having the same problems as the users above. Deposits (positive) are showing up as checks (negative) even though they are categorized correctly. I downloaded a CSV file from my bank (Chase) and the deposits are labeled correctly. The issue is on Quickbooks' end.

 

This problem just started on June 23rd after working fine all year. I'd like to schedule a remote viewing session to fix this. I went to the link you provided:

 

https://quickbooks.intuit.com/learn-support/en-us/open-programs/contact-support/00/433872

 

But I don't see anywhere to schedule this. Can you assist.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us