Hello there, @vastoctopus.
I'm here to shed some light about the recording deposits in QuickBooks Online.
When recording deposits in QuickBooks Online, make sure that the category that you've selected is different from the bank where the amount is deposited. Since this may lead to the deposit appearing to the payment section and showing as a negative figure.
To fix this matter, I recommend reviewing your deposit and choose a correct category that you can assign to the line item. If you're unsure on what category to select, I'd recommend reaching out to your accountant. They'll be able to give you the best course of action for your business.
You can also seek help from our accountants through this site: Find an accountant or bookkeeper who loves your business as much as you do.
Once verified, you may undo the categorization of the deposit and categorize it correctly. You'll need to undo the process to bring them back to the For review tab. This way, you can change the category.
Here's how:
- On the left navigation bar, click Banking.
- Select the account.
- Go to the Categorized tab.
- Look for the deposit and press Undo below the Action column.
- Go back to the For review tab.
- Categorize the transaction.
- Hit Add.
To give you more insight about categorizing bank transactions in QBO, please see this reference: Learn how to review downloaded bank and credit card transactions and put them in the correct account...
To keep your accounts accurate, I'd suggest doing reconciliation every month to detect discrepancies. You can refer to this article for the detailed steps: Reconcile an account in QuickBooks Online. It also contains information on how you can change your past reconciliations in QuickBooks.
Please let me know if you have other concerns with your bank transactions. I'm just around to help. Have a good one!
