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tony-suncoastmor
Level 1

My deposits from my bank are being shown as expenses in Quickbooks. Quickbooks told me to contact my bank, they said all is good on their end. Any suggestions?

My Bank Register looks accurate. The deposit are listed as expense in Quickbooks and I can't update. The transaction is listed as income in Chart of Account, but still showing as Expense?
1 Comment 1
CarlSJ
QuickBooks Team

My deposits from my bank are being shown as expenses in Quickbooks. Quickbooks told me to contact my bank, they said all is good on their end. Any suggestions?

It's great to have you here in the Community, Tony. Let me provide steps to update your deposits into the correct account in QuickBooks Online (QBO).

 

Before anything else, please know that QuickBooks is dependent on the information provided by your financial institution.

 

In the meantime, let's change the account category of the deposit transaction shown as an expense from the bank register:

 

  1. Sign in to your QBO account.
  2. Go to the Settings icon and select Chart of Accounts.
  3. Enter the name of the bank associated with the deposit transaction, then click on View Register.
  4. Locate the specific transaction.
  5. Click on the Account dropdown, then change it to an Income.
  6. Once done, click Save.
  7. Select Yes to confirm the changes.

 

Here's a screenshot for your reference:

 

bankregister.png

 

On the other hand, if the deposit transaction was on the Categorized tab on your banking page, we can click on Undoso it will go to the For Review tab and then change its account category:

 

  1. Go to the Transactions tab and select Bank Transactions.
  2. Click on the Categorized tab.
  3. Select the specific transaction and click on Undo.
  4. Locate the transaction in the For Review and click on it.
  5. In the Account dropdown, select an Income account.
  6. Once done, click on Add.

 

I've also attached screenshots for your reference:

 

categorized.png

 

forreview.png

 

For future reference, you can use bank rules to automatically categorize transactions from your bank: Set up bank rules to categorize online banking transactions in QBO.

 

Feel free to comment below if you require further assistance changing your deposit transactions to the correct account category. Have a good one.

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