I have an equal and opposite bank transfer (as the original was wrong) How do you contra these items in the bank reconciliation?

karen-hornett · ‎September 29, 2020

JasroV · ‎September 30, 2020

Thanks for the prompt response and for sharing additional details, @Karen.

The option to reconcile 2 transactions from the same bank account is not possible in QuickBooks Online (QBO). Reconciling accounts in QBO means matching your bank statements and the ones recorded in your QBO account.

To get around this, you’ll want to delete the wrong transactions from your bank account or create the same bank transaction. Make sure to use the opposite bank account to zero out both accounts.

To ensure you record it accurately in your QBO account, I recommend working with your accountant. This way, we can guarantee you reconciled your accounts accurately.

I’m also adding this article that you can read for additional guidance in matching your accounts: Reconcile an account in QuickBooks Online.

In case you’d encounter some issue in reconciling your accounts, you can always refer to this article on how to handle the situation: Fix issues when you're reconciling accounts in QuickBooks Online.

You can always tag me in if you have any follow up questions about reconciling your accounts. It’s always my pleasure to keep you on the right track. Stay safe.

View solution in original post

MJoy_D · ‎September 29, 2020

I can help you in reconciling your transactions, @karen-hornett.

You can simply delete the original transaction that was created. Deleting a transaction erases it from your books and won't appear anywhere on your reports or in your accounts.

Just make sure that when you recreate the transaction, it has the same date and amount as what you have in your bank.

Here's how to delete the wrong transaction:

Go to that transaction either from the Sales or Expense menu.
Open it and then click on More in the footer.
Click Void or Delete.

Check this article for more information: Void or delete transactions in QuickBooks Online.

Once done, you can now recreate the transaction with the correct information to successfully reconcile it.

Here’s a guide on how to reconcile your accounts so they match your bank and credit card statements: Reconcile an account in QuickBooks Online.

I'm always here if you have any other concerns about your bank reconciliation. Have a wonderful day!

karen-hornett · ‎September 30, 2020

Thanks so much, but sorry, I wasn’t clear!

The opposing transactions are in the bank itself.

I didn’t want to create wrong mirroring transactions in quickbooks and was hoping within the bank rec I could net the two transactions against each other without having to create QB entries. Is that the case?

Thanks

Karen

JasroV · ‎September 30, 2020

Thanks for the prompt response and for sharing additional details, @Karen.

The option to reconcile 2 transactions from the same bank account is not possible in QuickBooks Online (QBO). Reconciling accounts in QBO means matching your bank statements and the ones recorded in your QBO account.

To get around this, you’ll want to delete the wrong transactions from your bank account or create the same bank transaction. Make sure to use the opposite bank account to zero out both accounts.

To ensure you record it accurately in your QBO account, I recommend working with your accountant. This way, we can guarantee you reconciled your accounts accurately.

I’m also adding this article that you can read for additional guidance in matching your accounts: Reconcile an account in QuickBooks Online.

In case you’d encounter some issue in reconciling your accounts, you can always refer to this article on how to handle the situation: Fix issues when you're reconciling accounts in QuickBooks Online.

You can always tag me in if you have any follow up questions about reconciling your accounts. It’s always my pleasure to keep you on the right track. Stay safe.

karen-hornett · ‎October 01, 2020

Thank you

Topics

Training

Community

Resources

I have an equal and opposite bank transfer (as the original was wrong) How do you contra these items in the bank reconciliation?