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dLearned
Level 3

Reconciling payments recorded into wrong account

Our QBO payroll was linked to the wrong account (on the chart).  There is no way to reassign the account number on the transactions to show the payments (employee and taxes) on the correct account.  QBO Support advised the only solution was to do journal entries to remove them from the erroneous account and add into the correct one, which I have done as a bulk JE (it is several years of payroll).  However, I do not know how to reconcile the bank statement now, as the downloaded transactions do not have anything to match to.  If I "add" the transactions the payroll expenses will be overstated as they were already properly recorded by QBO (only the transaction from Direct Deposit payable to the bank is incorrect).  Older transactions are not available for matching as "sync" was not enabled (hence why the error wasn't caught sooner) :-(

 

Solved
Best answer August 03, 2021

Best Answers
JasroV
QuickBooks Team

Reconciling payments recorded into wrong account

I appreciate your quick response, @dLearned.

 

Deleting transactions from the Excluded tab permanently removes it. The Excluded tab serves as the trash bin of your deleted download bank transactions.

 

Deleted transactions from the For review tab will go to the Excluded tab. There, you can select the transaction you've deleted and select Undo. This will make the transaction appear again in your For review tab and decide what to do with it again. 2.PNG

 

You can also see this article for more details about excluding bank transactions in QuickBooks Online (QBO): Exclude a bank transaction you downloaded into QuickBooks Online.

 

When everything is all in place, you can confidently reconcile your accounts. For guidance, feel free to check out this resource: Reconcile an account in QuickBooks Online

 

Our door is always open if you need more help matching your accounts. You can also share with me if you have other QuickBooks concerns. I'm always around to back you up. Keep safe! 

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3 Comments 3
RenjolynC
QuickBooks Team

Reconciling payments recorded into wrong account

Hello, dLearned.

 

I appreciate your time in providing all the details about your situation.

 

You did the right steps in correcting your payroll payments. Since the journal entry is recorded in bulk, we're unable to match it to the downloaded transactions.

 

Instead, you can exclude the transactions from the Banking page and manually clear the ones you recorded in the register.

 

To exclude, here's how:

 

  1. Go to Transactions Banking.
  2. In the For review tab, put a check mark on the payroll transactions that you can't match.
  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.

 

Then, clear the journal entry by following these steps:

 

  1. On the left panel, click Accounting > Chart of Accounts.
  2. Click the View register link of the bank account where you recorded the journal entry. 
  3. Select the transaction to expand and under the Reconcile column (indicated by a check mark), click the blank field until you see the letter C. This means Cleared and R means Reconciled. 
  4. Hit Save after. 

Once done, you start reconciling your bank account. You can watch the video tutorial in this article: Reconcile an account in QuickBooks Online.

 

Please let me know if you have any additional questions or other concerns. Simply click the Reply button below and I'll get back to you as soon as I can. Have a good day ahead.

dLearned
Level 3

Reconciling payments recorded into wrong account

Thank you for your prompt reply.

 

That makes sense.  One question, when you say to delete them from the excluded tab, does that delete the transaction totally or just from the banking display?  I'd hate to lose the actual transaction detail

JasroV
QuickBooks Team

Reconciling payments recorded into wrong account

I appreciate your quick response, @dLearned.

 

Deleting transactions from the Excluded tab permanently removes it. The Excluded tab serves as the trash bin of your deleted download bank transactions.

 

Deleted transactions from the For review tab will go to the Excluded tab. There, you can select the transaction you've deleted and select Undo. This will make the transaction appear again in your For review tab and decide what to do with it again. 2.PNG

 

You can also see this article for more details about excluding bank transactions in QuickBooks Online (QBO): Exclude a bank transaction you downloaded into QuickBooks Online.

 

When everything is all in place, you can confidently reconcile your accounts. For guidance, feel free to check out this resource: Reconcile an account in QuickBooks Online

 

Our door is always open if you need more help matching your accounts. You can also share with me if you have other QuickBooks concerns. I'm always around to back you up. Keep safe! 

View solution in original post

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