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Connect with and learn from others in the QuickBooks Community.
Join nowHello,
So, I'm a complete novice at Quickbooks - I probably don't know what I'm doing.
Regardless, I imported a QBO from my Checking account for my bank into Quickbooks.
In the Bank Feeds Center, I have a list of transactions. One of them, is a Funds Transfer from my Savings to my Checking. This is a deposit; however, on my Quickbooks, this transaction is indicated as a $5000 under Payment, not Deposit. I'm a 100% sure it should be a deposit because in the .xls file or on my bank website it is listed as a positive +$5000 in green rather than black.
So, should I simply delete this transaction-line and manually input it into quickbooks? Or is there a way to modify the .qbo? It seems I cannot change a Payment into a Deposit easily, as I would have to click on Make Deposit, instead of having a transaction-line that is a Payment (according to an error message).
Thank you so much!
Dennis
Welcome to the Community, @5te4lthX. Thanks for choosing Quickbooks Online (QBO) for your business.
As an insight, anything you buy with a debit card, credit card, online payment, or bank transfer will be recorded as an expense when you add it to the bank register.
To correct this, you'll want to exclude this in the For Review section. Here's how:
Once done, manually add it again in QuickBooks through a journal entry.
I'd also recommend consulting your accountant to make sure your books are correct. They know best about handling this type of transaction. You can also find one by visiting our QuickBooks Live site.
For future reference, check out this link to learn more about transferring funds between two accounts and how to record it in QuickBooks Online.
Get back to me and let me know how it works for you. I'd be here to answer your next posts. Take care!
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RE: In the Bank Feeds Center, I have a list of transactions. One of them, is a Funds Transfer from my Savings to my Checking. This is a deposit; however, on my QuickBooks, this transaction is indicated as a $5000 under Payment, not Deposit. I'm a 100% sure it should be a deposit...
There are two likely causes for this. The more likely is that your bank wrote the transaction in the OFX/QBO file incorrectly. Or, it's possible QuickBooks is reading it wrong. Note that you can open the OFX/QBO file in Notepad or other text editor to see if the transaction there looks wrong.
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