Recording a bank adjustment

It's a pleasure to have you here, @SarahDC. I can share with you some information to and match bank deposits to multiple invoices in QuickBooks.

We can utilize the Find match feature and link the multiple invoices. Let me show you how:

1. On the Banking page, find a downloaded transaction with the Match option in the Action column.
2. Note the Date, Description, Payee, and amount spent or received.
3. Click the downloaded transaction to expand the view.
4. Review the Matching records found in QuickBooks. 
5. Select the link next to each match to get more details.
6. Make sure this is the correct match. In particular, review the Deposit to, Payment method, and Bank account fields on forms for the existing transaction in QuickBooks.
7. Choose the Find match option. 
   
   

For detailed steps, please see this resource: Categorize and match online bank transactions in QuickBooks Online.

If you're unable to do the process. You can exclude and make sure that the total invoice payments deposited in the register are equal to 14400. For more information, you may review this article: Exclude a bank transaction you downloaded into QuickBooks Online. 

Additionally, I've attached this link to help you reconcile your accounts so they always match your bank and credit card statements.

Let me know if there’s anything else I can help you with about banking concerns in QuickBooks by hitting the Reply button underneath. I’ll be right here to assist further. Enjoy the rest of the day. 

Thanks but I know how to match bank transactions. My question was how to do so when there was a bank adjustment for a check. 

Hi there, Sarah!

Thank you for the detailed information.

Allow me to step in and help you match your transactions.

In QuickBooks, we can match a bank transaction to multiple recorded entries. On the other way around, matching multiple bank transactions to an entry isn't possible.

You'll have to exclude both transactions and manually reconcile the entry from your register. 

To exclude/delete:

1. Choose Banking.
2. Select Bank Feeds then Bank Feeds Center.
3. In the Items Reviewed section, select the name of the account with the transactions you wish to remove.
4. Choose the Select Items to Delete button.
5. Select the transaction(s) you wish to delete.
6. Select the Delete Selected button.
7. Confirm deleting the transaction(s) by selecting Yes. 
   
   

Also, I'm adding these articles that you can use as reference in reviewing and categorizing your bank transactions:

• Categorize and match online bank transactions in QuickBooks Online
• Setup bank rules to categorize online banking transactions in QuickBooks Online

Please leave a comment if you have other questions about managing your bank transactions. I'm always here to help.

I am facing the same issue and the answer here does not address the problem.  I would love to match the adjustment with the original deposit but there is no way to do that.  Can you guys provide an appropriate answer to this question please?

Thanks for chiming in on this thread, tomparker84.

Let me share an additional info regarding your situation.

As what my colleague AbegailS mentioned above, we're unable to match multiple downloaded transactions to a single transaction recorded in QuickBooks. 

Instead, what you can do is exclude the transactions in your banking page by following these steps:

1. Go to Transactions > Banking.
2. In the For review tab, put a check mark on the duplicate transactions.
3. Click the Exclude button.

Here's a sample screenshot for a visual reference:

After excluding these transactions, you can delete them in the Excluded section.

Once done, manually clear the transaction you've recorded in QuickBooks in the bank register page. 

Here's how:

1. Go to Accounting > Chart of accounts.
2. Click the View register link where the transaction is posted.
3. Select the transaction to expand the options.
4. Under the Reconcile column (indicated by a checkmark), click the blank field until it shows the letter C. C means cleared from the bank and R means reconciled. 
5. Hit Save once done.

When you're ready to reconcile the account, you can watch a video tutorial in this link: Reconcile an account in QuickBooks Online

To help manage your future transactions, please feel free to read this article: Categorize and match online bank transactions in QuickBooks Online.

If you have any additional questions or need help with other concerns in your account, please let know in your reply. I'll be around to help you out some more. Take care and stay safe!

This is exactly why I hate Quickbooks, 3 people have asked the same question and you can't provide a simple, reasonable answer. My bank missed a 1 on a deposit so my ending balance is off by $1000. How do I enter this difference that they credited back to me so that my next reconciliation makes sense?

I’ll hop in on this thread to assist you further, @LM58.

You’re right that missing transactions can cause discrepancies in your ending balance in QuickBooks Online (QBO). Worry less. Let's sort this out so you can keep reconciling your account without any problems.

To start with, since you’re certain that you missed a deposit that caused your ending balance to be off by $1000, we can create a Bank Deposit in QBO to post this transaction and correct the discrepancies.

Here’s how:

1. Click the + New button and select the Bank deposit under Other.
2. From the Account dropdown, select the account to which the funds will be transferred.
3. Marked check the deposit showing under the Select the payments included in this deposit.
4. Fill out the other fields for further identification of the transactions. Then, enter the Amount. If this sole deposit amounts a $1000. Then, enter the exact amount.
5. Finally, click Save and exit.

Once done, start categorizing your transactions to ensure that they are added to the appropriate account. Afterwards, reconcile your account to ensure that everything is balanced.

In case you have more concerns about the ending balance, you can always tap me here in this forum. I’ll get back as soon as I can. Have a good one!

Thank you this is the perfect solution and worked great for me !

Welcome to the Community, @mgflooring.

Thank you for letting us know that my colleagues help you resolve your concern. Don't hesitate to get back in the Community if you need our assistance managing your QuickBooks Online account. We are always here to help. Have a great day.

I have this same issue and what I would like to do is record the wrong amount, subtract the wrong amount, then record the correct amount to match the bank exactly. Is that possible?  

I’ll hop in on this thread to assist you further, @WRBB.

Let's use the clearing account and create a journal entry to record the transaction. Let me guide you on how.

1. Click the + New button, then select Journal entry.
2. In the first line, select Accounts Receivable (A/R) account or Accounts Payable (A/P) account from which you are moving money.
3. In the second line, choose the Clearing account.
4. Click Save and close.
5. Create a second Journal Entry.
6. Select the Clearing account from the first line.
7. In the second line, select the A/R or A/P account to which you moving money.
8. Create either Pay Bills or Receive Payments, and link the Journal Entries together.

Kindly read and use this article to learn more about how QuickBooks keeps a record of your adjusting entries: Make Adjusting Journal Entries in QuickBooks Online Accountant.

Most importantly, I still recommend seeking help from your accountant. This way, they can add some suggestions on what's the best way to record this. If you’re not affiliated with one, you can check our ProAdvisor page and we’ll help find one from there.

You can utilize these articles for future reference: 

• Categorize and match online bank transactions in QuickBooks Online. 
• Reconcile an account in QuickBooks Online.

Let me know if you have other concerns with your online bank transactions in QBO. I'll handle them for you.

I made a deposit of $153,132 which included several checks, one of which was for $1,114 which the bank read as $1,114 as $114. They placed a hold on all of the checks even though it was their error. They later credited the $1,000 so the bank showed two deposits, one for $152,132 and another for $1,000 whereas QuickBooks had $153,132.

I changed the deposit in QuickBooks from going to the regular checking account to apply it to a pseudo checking account which I called Virtual Bank, and the entire credit of $153,132 went to Virtual Bank.

I then transferred $152,132 from the Virtual Bank to the regular checking account, and another transfer from Virtual Bank to the regular checking account of $1,000, and that was a simple solution that worked.