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Kclark112
Level 1

Banking- my deposits are coming over as a deposit and a payment

My deposits are showing in the bank registry as a deposit and a payment. Is this correct or is this something should look into.

7 Comments 7
BigRedConsulting
Community Champion

Banking- my deposits are coming over as a deposit and a payment

Something to look into. I'll guess that the bank account is being used as the detail account on the deposits, which will cause this.

JenoP
Moderator

Banking- my deposits are coming over as a deposit and a payment

Joining the thread to help with your banking-related question, Kclark112.

 

A single bank transaction should only be shown or an expense or a income in the Bank Feeds Center and not both. Please know that the data reflected in the Bank Feeds Center solely relies on the data that's shared by your bank.

 

You'll want to reach out to check why the deposits are also shown as payments. In the meantime, you can exclude the transactions showing as payments. Here's how:

 

  1. Go bank to the Bank Feeds Center.
  2. Select the bank account by clicking Transaction List.
  3. Look for the transaction and check the box before it.
  4. Click the drop-down list beside Batch Actions, then select Ignore.
  5. Select Yes.

 

More details about this process are shared here: Add and Match Bank Feed Transactions in QuickBooks Desktop

 

Allow me to share more articles if you need more references when working in the Bank Feeds Center:

 

 

I'll be around if you need anything else. Just reply to this response or post more questions in the Community so we can offer our help again. 

Ep45
Level 1

Banking- my deposits are coming over as a deposit and a payment

This is happening to me too but I’m so new to quickbooks online I don’t know how to look into finding out how to do it. I tried to delete the transactions that weren’t correct and it ended up deleting both and screwing up my reconciliations. Such a mess.

 

KlentB
Moderator

Banking- my deposits are coming over as a deposit and a payment

Welcome to the Community, Ep45. Thanks for choosing our products. I'm here to guide you in resolving your problem.

 

As mentioned by my colleague above, your financial institution controls how and what transactions are sent to the program. That said, you may need to reach out to your bank to check why the deposits are also shown as payments. 

 

After you delete the transactions downloaded from your bank's records, they will go back to the For review tab. From there, you can exclude the duplicate payment and categorize the correct deposit again. This will ensure that your books always match your real-life statements. Feel free to follow the steps below:

 

  1. Go to Bookkeeping.
  2. Choose Transactions, then select Bank transactions.
  3. Click the tile of the appropriate account, then head to For review tab.
  4. Tick the checkbox of the identical payments and tap the Exclude option.
  5. Click the correct transaction to expand the view, then categorize or match it again.

 

Once done, let's manually mark the entries as reconciled in the register so your account will be balanced the next time you perform a reconciliation. I'll show you how to do it:

 

  1. Choose Accounting from the sidebar menu.
  2. Go to the Chart of Accounts tab.
  3. Find the account and click View register.
  4. Locate the transaction, then select it.
  5. In the checkmark column, keep clicking the box until you see the letter R and Hit Save.

 

Finally, here's an article that you can read to help streamline the review process of your online banking transactions: Set up bank rules in QBO.

 

You're always welcome to visit this thread again if have follow-up questions about bank feeds. Just add the details below and I'll get back to you as soon as possible.

Ep45
Level 1

Banking- my deposits are coming over as a deposit and a payment

Thanks for the reply, unfortunately it is not showing up as a duplicate in the 'for review' tab. It is automatically applying as both payment and deposit when it is just a deposit once it is on the register. I found an extremely labor intensive work around but this can't be the long term solution....

It is also only one kind of deposit this is happening to. I discovered if I click on the deposit bar on the register and then categorize the account it is depositing too (i.e. not leaving it as 'checking') then it deletes the payment part on it's own and it works like it should.. but I have to do this to EVERY single payment into the account... which is A LOT. But at least I can get it done. I checked the rules I have set up and the one that it should be going to is set up correctly so I don't know what to do from here.

SpecializedML
Level 1

Banking- my deposits are coming over as a deposit and a payment

I assume you’ve linked your bank accounts to automatically download transactions.

And I assume you’ve already “categorized” the deposit correctly according to your internal vendor/customer tags.

But there are now 2 transactions appearing in your register for 1 deposit, appearing as BOTH a debit and a credit.

 

In the BANKING tab, you should see no unresolved transactions, but your ENDING BALANCE for the deposit account is incorrect (off by the amount of deposit).

Click the “Categorized” heading for transactions.

You should now see all your recently resolved transactions, including a single transaction for your deposit.

Tick the checkbox for that deposit, then click “undo”.  This will move the deposit back into the “For Review” heading.

Click the “For Review” heading for transactions.

When reviewing this transaction, change the value in the upper-right drop-down menu to “Sales”.

Hit save.  This should now resolve your deposit into a single income transaction.

 

amyhaisman
Level 1

Banking- my deposits are coming over as a deposit and a payment

This happened to me, on one transaction, and after looking at it closer, the client had posted the deposit to the bank account instead of the income account. Once I posted to the income account, it was fixed. 

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