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Woodie W
Level 1

QB keeps posting bank deposits as expenses

Amazing!  The same deposit appears as deposits then shifts to expenses.  Same Payee, amount, etc.  The forum answers suggest we have to go in and do journal entries for each one.  Dozens of these!  There's got to be a better way...

4 Comments 4
DivinaMercy_N
QuickBooks Team

QB keeps posting bank deposits as expenses

Thank you for providing details of your concern, @Woodie W.

 

When entering transactions, do not select the bank account as a category. It will post the Deposit and payment at the same time. You will need to make sure you choose the right category. For example, income, expenses, liabilities, assets, or equity.

 

To learn more about how you can categorize your QBO transactions, please visit this article: Categorize and match online bank transactions in QuickBooks Online. 

 

Also, to help you match your real-life bank balance with QuickBooks. Please head to our Reconciliation hub for the step by step guide.

 

If you need further assistance regarding the management of your QuickBooks deposits, please leave a response below. I am always here to help you. Have a good one.

Woodie W
Level 1

QB keeps posting bank deposits as expenses

This is occurring when we import transactions directly from bank.

Woodie W
Level 1

QB keeps posting bank deposits as expenses

This occurs automatically when we import directly from our connected bank account.

Charies_M
Moderator

QB keeps posting bank deposits as expenses

Thanks for the additional information, Woodie W.

 

Looks like this has something to do with your bank setup. I recommend reaching out to your financial institution to help correct the settings for your bank transactions. 

 

For your next step which is managing the downloaded transactions, you can have this article handy: Categorize and match online bank transactions in QuickBooks Online.

 

In addition to that, you may also want to visit these links about reconciliation in QBO:

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

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