Bank Feed showing an amount "received" in actual bank account as amount "spent"

jmo2 · ‎February 18, 2022

I am reviewing/categorizing my bank feed transactions and something very strange is happening.

For one of the transactions, the QBO bank feed under description says "deposit branch" but then lists the amount deposited under "spent" instead of "received" . In real time the amount is in fact not "spent" (a debit), it's a credit (a deposit), and was received by the bank, as confirmed by my actual bank's account register and balance. In QBO when I categorize and add the transaction, instead of balancing my bank balance and quickbook balance in QBO (which it would if it were properly credited), the account becomes negative on the Quickbooks side by the amount of the transaction.

This seems really strange, as I trust the QBO bank feed entirely. I have tried refreshing the page to see if it is a glitch. It's been a few weeks since the transaction occurred so if my bank feed was going to correct itself it would have done so. Has anyone seen this before?

MichelleBh · ‎February 18, 2022

I want to stop this from happening to you, @jmo2. You're in the right place for explanations.

I'll ensure the deposit amount will be tag Received in QuickBooks Online (QBO). This way, your books, and bank register will be accurate at all times.

When transactions are already downloaded in QBO, changing the amount columns from Money Received to Money Spent is unavailable. To correct this, I'd recommend excluding them. Proceed as follows:

Go to the Banking tab and select For Review.
Tick the box of transactions that have been tagged incorrectly.
Choose Exclude button.

For more information, check out this link: Exclude a bank transaction you downloaded into QuickBooks.

Those transactions were transmitted to QuickBooks by your financial institution. Please note that QuickBooks has no control over them because we rely on your bank at all times. You have the option to call your bank to examine your download settings. In this way, you may not experience the same problem in the future.

Subsequently, I'd recommend entering them or exporting them manually into the system. Then categorize them again. When everything is clear, remember to reconcile your bank to ensure it matches your bank statements.

Further, read through these articles below on how to fix missing transactions or import errors in QuickBooks:

If there are any other questions or concerns, don't hesitate to ask. I'm only a post away if you need me. Have a fantastic week, jmo2.

View solution in original post

MichelleBh · ‎February 18, 2022

I want to stop this from happening to you, @jmo2. You're in the right place for explanations.

I'll ensure the deposit amount will be tag Received in QuickBooks Online (QBO). This way, your books, and bank register will be accurate at all times.

When transactions are already downloaded in QBO, changing the amount columns from Money Received to Money Spent is unavailable. To correct this, I'd recommend excluding them. Proceed as follows:

Go to the Banking tab and select For Review.
Tick the box of transactions that have been tagged incorrectly.
Choose Exclude button.

For more information, check out this link: Exclude a bank transaction you downloaded into QuickBooks.

Those transactions were transmitted to QuickBooks by your financial institution. Please note that QuickBooks has no control over them because we rely on your bank at all times. You have the option to call your bank to examine your download settings. In this way, you may not experience the same problem in the future.

Subsequently, I'd recommend entering them or exporting them manually into the system. Then categorize them again. When everything is clear, remember to reconcile your bank to ensure it matches your bank statements.

Further, read through these articles below on how to fix missing transactions or import errors in QuickBooks:

If there are any other questions or concerns, don't hesitate to ask. I'm only a post away if you need me. Have a fantastic week, jmo2.

DREEVES80 · ‎April 06, 2023

There should be a fix to this and not have to exclude the error made in QBO.

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Bank Feed showing an amount "received" in actual bank account as amount "spent"