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richardgreen
Level 2

How to enter a transaction in QuickBooks

My client has a Debit transaction from their credit card processing company for -$100 on their bank statement. It consists of 2 credit card payments for services rendered ($425 and $75) and a $600 refund to another client. The bank statement shows the 3 transactions lumped into one Debit transaction for -$100.

I created a Refund transaction and applied it to Undeposited Funds so the 3 transactions are in Undeposited Funds now. I suppose I have to remove the 3 transactions from Undeposited Funds as there is no deposit on the bank statement to match them to. 

 

Transactions are linked into QuickBooks from Bank of America so somehow I need to apply the 3 transactions totaling -$100 to the -$100 Debit that came in from the bank sync. If I change the 3 transactions from Undeposited Funds what Account should I apply them to in the “Deposit To” field in the Receive Payment screen?

 

Using QuickBooks Online if that makes a difference.

 

Thanks in advance for any help.

Solved
Best answer September 19, 2020

Best Answers
Angelyn_T
QuickBooks Team

How to enter a transaction in QuickBooks

Hello there, @richardgreen.

 

You can temporarily create a wash account for these three transactions. This way, you'll be able to add the bank transactions to that account. Recording them the undeposited funds is currently unavailable since we can't create a negative bank deposit.

 

Here's how to set up a clearing account in QuickBooks Online:

  1. Select Chart of Accounts from Accounting at the left pane.
  2. Tap New.
  3. Set the account type and detail type.
  4. Input the name (wash account or clearing account), then click Save.

In case you need an in-depth guide in recording your transactions accordingly, feel free to reach out with a professional accountant or find an accountant on our website for a free consultation.

 

Whenever you're free, you may also read the topics from our help articles for additional guides as you continue working with QuickBooks in the future.

 

Post again if you have any other questions. I'm a few clicks away to help. Have a good day!

View solution in original post

3 Comments
Angelyn_T
QuickBooks Team

How to enter a transaction in QuickBooks

Hello there, @richardgreen.

 

You can temporarily create a wash account for these three transactions. This way, you'll be able to add the bank transactions to that account. Recording them the undeposited funds is currently unavailable since we can't create a negative bank deposit.

 

Here's how to set up a clearing account in QuickBooks Online:

  1. Select Chart of Accounts from Accounting at the left pane.
  2. Tap New.
  3. Set the account type and detail type.
  4. Input the name (wash account or clearing account), then click Save.

In case you need an in-depth guide in recording your transactions accordingly, feel free to reach out with a professional accountant or find an accountant on our website for a free consultation.

 

Whenever you're free, you may also read the topics from our help articles for additional guides as you continue working with QuickBooks in the future.

 

Post again if you have any other questions. I'm a few clicks away to help. Have a good day!

View solution in original post

richardgreen
Level 2

How to enter a transaction in QuickBooks

Thanks! Sounds like a good solution!

katherinejoyceO
QuickBooks Team

How to enter a transaction in QuickBooks

Hi there, @richardgreen.

 

Thanks for updating us here in the Community. Glad to know that the resolution shared by my colleague worked. 

 

Feel free to come by again if you have other concerns. We're always around here to help. 

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