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Level 1

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

 
6 Comments
Intuit

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

Hello,

 

If for the same exact transaction it is debiting and crediting your account, it sounds like when you go to add the transaction and it asks which account to use, you might be using the bank account.

 

That is incorrect.  QBO already KNOWS the transaction is hitting your bank account because its in the bank feed for THAT account.  Try selecting an expense/income/liability account, etc. instead.

 

QuickBooks is asking what account to OFFSET with this transaction

QuickBooks Team

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

Welcome to the Community, @lindsay17. I want to make sure that I'm providing you with the right information to achieve your goal. 

 

Can you please tell me where did you find these two entries when you matched your bank feed deposit? I'd also appreciate it id you can attach a screenshot on the page where it shows the debit and credit entries when matching transactions. 

 

Any information that you can share will greatly help me refine my research to help you resolve the issue. 

 

For more detailed steps in matching and categorizing your bank feeds transactions, read through this article: Categorize and match online bank transactions in QuickBooks Online.

 

I'd be looking forward to hearing again from you, @lindsay17. We're always here to guide.  

Level 1

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

Thank you!

If the payments being received are tied to invoices we are receiving payment on, if I assign to an income account won't that effectively double the income?

Intuit

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

Hello,

 

If the payments showing on the bank feed are for invoices that are still open, click match and it should show your open invoices you can apply the payments to.

 

QBO will automatically create a payment on the invoice and link the bank feed transaction to that payment.

Level 1

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

 

Here are some screenshots. You can see that it creates the deposit but then is creating a payment, therefore cancelling the deposit out. If I delete the payment, it also deletes the deposit.

 

 in and out.jpg deposits.jpg  

QuickBooks Team

Why is the bank feed deposit creating two entries when matched? One entry is crediting the account and the other is debiting the account. Help!

Hi, lindsay17

 

Let me share some information when downloading transactions from your bank.

 

When you download transactions from your bank, you need to categorize them so they go in the right accounts. You can create rules that automatically categorize transactions for you. The more QuickBooks uses your bank rules, the better it gets at categorizing

 

To create a bank rule, here’s how.

 

1. Go to the Banking menu or Transactions menu. Then select the Rules tab.

2. Select New Rule.

3. Enter a name in the Rule field.

4. From the For ▼ dropdown, select Money in or Money out.

5. From the In ▼ dropdown, select the bank or credit card account.

6. Set the rule conditions. Decide the transaction must meet All or Any of the conditions. You can add up to 5 conditions.

7. In the Conditions fields, specify whether the rule applies to Bank textDescription, or Amount. Then select ContainsDoesn't contain or Is exactly to decide when how Quickbooks applies the rules.

8. Select the settings for the rule. Select the Transaction TypePayee, and the Category to apply.

9. Select Save

 

You can check this article for more detailed information about banking rules. How to set and use banking rules for downloaded transactions.

 

You can also use this article to categorize, assign, edit, and add your downloaded transactions. Assign, categorize, edit, and add your downloaded banking transactions.

 

Please feel free to comment below if you have any other questions. Have a nice day!

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