cancel
Showing results for 
Search instead for 
Did you mean: 
casscountyconser
Level 1

Why are my deposits showing up as a minus

 
17 Comments
ATOZBOOKS
Level 3

Why are my deposits showing up as a minus

Are you importing transactions directly from the bank or are you posting the deposits manually?

 

How are you processing them? Do you have a screenshot?

 

If you would like to discuss one on one, feel free to contact me.

 

-Lubov Bogopolskaya

A/Z Bookkeeping

KlentB
QuickBooks Team

Why are my deposits showing up as a minus

I'm here to help you resolve this, casscountyconser.

 

Usually, this happens if you have a large credit card refund that exceeds your new credit card sales on a particular day. If you have a negative deposit by your merchant services processor, you'll need to move the expected deposits from the Undeposited Funds account to the appropriate bank account via Journal Entry. Then, we'll have to group it with the payments to create a $0 deposit and remove the payment from Undeposited Funds account. 

 

Before diving in, let's make sure that you're using the Accountants view so that you'll have the option to create a journal entry:

  1. Click the Gear icon.
  2. Choose Accounts and Settings.
  3. Select the Advanced tab.
  4. Under the User View section, click the Pencil icon.
  5. Select Accountant view from the drop-down menu.

Here's how to create a journal entry:

  1. Click the + New icon.
  2. Choose Journal Entry.
  3. Enter the Date of the transaction.
  4. On the first line, select Undeposited Funds from the drop-down list in the Account column.
  5. In the Debits column, enter the amount of the deposit.
  6. On the second line, select the appropriate bank account from the Account column drop-down list.
  7. In the Credits column, enter the amount of the deposit.
  8. Hit Save and close.

This process will record the deposit as a deduction from the bank.

 

Once done, you can follow the steps below in grouping the journal entry to the payments:

  1. Click the + New icon.
  2. Choose Bank Deposit.
  3. Select the payments and the Journal Entry you created (the total should be zero).
  4. Hit Save and close to complete the process.

If you use journal entries to record your recent transactions, you can refer to this article in printing a single journal entry or multiple entries on one report: Print a journal entry report.

 

You can always find me here if you have further questions or concerns about deposits. Please don't hesitate to tag me in your comments.

dgmarshall2002
Level 1

Why are my deposits showing up as a minus

I am doing my Deposits manually on my Deposit Register.

I do not use Quickbooks to print checks or make deposits

or anything like that. I use Quickbooks to keep a record of

what I do in the real world with my check book and deposit

book. I do this for end of the year Tax Prep.

When I print out my Deposit Detail, all of my Deposits are showing

as being a negative. When I print out my Profit and Loss page

the Deposits correctly show up as Income. I really wish I could talk

with someone on the telephone for help. Thank you.

Rea_M
QuickBooks Team

Why are my deposits showing up as a minus

Hello there, dgmarshall2002.

 

Thank you for providing complete information on how you record your deposits to keep your QuickBooks account up to date.

 

The deposit transaction amount will show as negative based on the category type or the posting account where you deposit them. 

 

Once the account category is income, then the Bank deposit will result in a positive value. If it's categorized under expense, then it'll result in a negative total because it'll be deducted to your account. You can check each of your deposit accounts to verify where they're categorized by pulling up the Deposit Detail report.

  1. Go to the Reports menu.
  2. Type Deposit in the search box, then select Deposit Detail.
  3. Set the Report period.
  4. Click Run report.
  5. Locate and click the Deposit under the Transaction Type column.

Once done, you'll be routed to the Bank Deposit transaction window. From there, double-check the account you used when you make your deposit.

 

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. I'm just around to help.

 

 

 

btracy
Level 1

Why are my deposits showing up as a minus

 
Jessica_young
QuickBooks Team

Why are my deposits showing up as a minus

Happy to have you in the Community, @btracy.

 

I appreciate you taking the time to provide the attached screenshot.  if you're experiencing the same issue as the previous customers on this thread, you can follow the steps shared by @Rea_M.

 

If you have followed the outlined steps, and are still experiencing this issue, I'd love to hear more about what you tried so we can explore other options.

I look forward to hearing from you! Take care.

btracy
Level 1

Why are my deposits showing up as a minus

 
MaryLandT
QuickBooks Team

Why are my deposits showing up as a minus

I hope you're doing well, btracy.

 

Let's review your bank statements and compare each transaction with what's recorded in QuickBooks. Make sure you entered everything into QuickBooks. If your accounts are connected to online banking, review and categorize all of your downloaded transactions.

 

If you've already reconciled an account, here are the reasons why the balance is negative:

 

  • Someone entered an incorrect ending balance at the start of the reconciliation.
  • There are missing or duplicate transactions in QuickBooks.
  • Someone entered transactions into QuickBooks that haven't cleared your bank yet.

To fix this, you can review the opening and beginning balance. Make sure they're correct. Once you know these are accurate, you can start checking the ending balance you've entered.

 

Feel free to read this article to learn how to resolve a negative balance: Fix issues at the end of a reconciliation in QuickBooks Online.

 

Stay in touch with me if you need anything else by commenting below. I'm always glad to help you.

vhw2020
Level 1

Why are my deposits showing up as a minus

importing directly from the bank feed.

chris274
Level 1

Why are my deposits showing up as a minus

Hi There,

Having the same problem as above client.   I have two bank accounts linked to my QB.  On both accounts, my deposits are coming over as a deposit and a payment in the same account number.    I have taken out all rules and reviewed my chart of account.  I mean, a bank is a bank and a deposit is a deposit.  Its very obvious my register is incorrect.  My bank account balances in QB nowhere near match my bank account actual balances.  Off by over 100 thousand.  As above client, I don't cut checks out of QB.  This is merely to keep up with cash flow.  None of my financial statements are accurate because of all of the negative deposits.  I was able to reconcile my bank accounts; however, I was told to go in and delete all of the negative deposits.  I did and somehow, even though these negative amounts were not reconciled now all of my reconciled accounts are off my thousands.  I don't know how to explain my predicament any clearer.  Can someone PLEASE help me.  I need financials for the first quarter.  Thank you!

ZackE
QuickBooks Team

Why are my deposits showing up as a minus

Thanks for joining this thread, chris274.
 

If your account balances still aren't matching after completing the troubleshooting processes shared by MaryLandT and Rea_M, I'd recommend working with an accounting professional. In the event you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:

  1. Visit our Find an Accountant webpage.
  2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
  3. Hit Search.
  4. Browse through the results and find one that works best for your business. You can click each ProAdvisor's profile to learn more information about their services.


Once you've found an accounting professional, they can be contacted through their Send a message form:

  1. Use the text box to introduce yourself. Be sure to include details about which services you're interested in.
  2. Enter your info in the Your nameYour email, and Your phone number (optional) fields.
  3. Select Send message.


I've additionally included a detailed resource about working with reconciliations that may come in handy moving forward: Intuit's reconciliation guide
 

Please don't hesitate in sending a reply if there's any questions. Enjoy the rest of your day!

Paras1
Level 1

Why are my deposits showing up as a minus

I have the same issue. When checks post they are posting negative transactions. Incoming wires are also often posting negative. Sorry, but it seems this thread seem to brush off customer concerns. The rationale offered is not a likely cause:

-Usually, this happens if you have a large credit card refund that exceeds your new credit card sales on a particular day. 

-Someone entered an incorrect ending balance at the start of the reconciliation.

-misclassification of account.

 

If this is due to file corruption then I need higher level support to rectify this please. I don't know what it is but I need help in fixing this. I have spoken to customer care but the issue has not been resolved. I am the accountant.

FritzF
Moderator

Why are my deposits showing up as a minus

Thanks for joining this conversation, @Paras1.

 

The steps shared by my colleagues in this thread should help correct the negative deposits in your QuickBooks Online (QBO).

 

If you're still having the same issue, I highly suggest contacting our Support team again. I know you already called, but since this is a public forum, they can pull up and check your account in a secure environment. They can also perform other troubleshooting steps if necessary.

 

Here's how to reach them:

 

  1. In QBO, click the Help (question mark) icon at the top right.
  2. Select a suggested option, or type a question or topic you need help with.
  3. Tick Contact Us and choose a way to connect with us.

 

You may also check out this article that tackles fixing negative deposits in QBO for future reference: How to resolve negative deposits.

 

Please let me know how it goes or if you have any additional concerns. I want to make sure everything is taken care of for you. I'll be here to help. Have a good one!

Paras1
Level 1

Why are my deposits showing up as a minus

The solution offered is one of creating a journal entry and grouping the journal entry with the payments to create a $0 deposit and remove the payment from Undeposited Funds.This may explain the balance sheet transactions that are posting as negative for undeposited funds deposits, but what about the check payments showing as negative as in the screenshot I posted. This would not be solved by the journal entry method suggested.

Jen_D
Moderator

Why are my deposits showing up as a minus

Thanks for posting here, @tb38,

 

Joining the thread to share some insights about this negative deposits in the Balance Sheet report.

 

When you record an invoice payment using the receive payment option or through a bank deposit assigned to the Accounts Receivable, it will post a negative balance in the A/R section of the Balance Sheet.

 

Please note that the transaction journal of a payment entry debits the bank and credits the A/R account. This means, a reduction to the receivables balance. See this illustration:

 

 

 

If you want to clear the duplicate entry in the Balance Sheet, you need to review the transactions it was applied to. Any changes in there will affect the balances.

 

You can try deleting the deposit and recreating a single payment, or leave it as is. Journal entries won't resolve this payment posting on reports, it will only fix the balance discrepancies.

 

Please post here again if you need further help with this. I'll be right here if you need anything else. Message me again to notify me. Have a good one!

Paras1
Level 1

Why are my deposits showing up as a minus

Just as an example, the deposit from the deposit report shows negative. The balance sheet also shows a negative A/R account. Undeposited funds may be negative but how to rectify the other deposits that post as negative.

LieraMarie_A
QuickBooks Team

Why are my deposits showing up as a minus

Hi there, @Paras1. I've got some info on why your Accounts Receivable account shows a negative balance.

 

Every accounting entry has equal and opposite effects in at least two different accounts. In the double-entry system, transactions are recorded in terms of debits and credits. 

 

Accounts Receivable (A/R) is normally a debit balance. The amount of A/R is increased on the debit side and decreased on the credit side. When cash payment is received from the debtor, cash is increased and A/R is decreased. When recording the transaction, cash is debited, and A/R are credited. This is the reason why payment and deposit transactions show as negative in the A/R Transaction report.

 

You can also pull up the A/R Aging Detail report to see which customers have past due balances and how long each transaction is past due. 

 

I'm always around should you have other questions about running reports. Have a great day.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us