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Level 2

Can I use Journal entry to fix this issue?

Trying to reconcile April. Chase bank paid themselves $20 for an admin issue. For some reason QB has pulled this in as a credit before the debit. So I have a $20 discrepancy. If I use Journal entry I have to debit $20 but then also add $20 so it does not solve the issue. Any advice please?
Solved
Best answer May 12, 2020

Best Answers
Highlighted
Moderator

Can I use Journal entry to fix this issue?

I appreciate you for performing the steps provided by my peer above, @diskwizz. I'm here to ensure you're able to fix the $20 discrepancy when reconciling your Chase account in QuickBooks Online (QBO). 

 

You're on the right track in deleting the transaction from your register. Also, it's a great way that you've verified from your bank statement that you only have $20 expense. With this, I'd suggest excluding the duplicate $20 money-in transaction in the For Review tab. That way, it won't add to your register, so the difference will be zero when reconciling your account. I'll guide you how. 

  1. Go to the For Review tab from the Banking menu. 
  2. Locate the $20 money-in transaction and check its box. 
  3. Click the Batch actions drop-down.
  4. Choose Exclude Selected.

 

Once done, the transaction will move to the Excluded tab. The screenshot below shows you the steps. For the detailed instructions, check out this article: Exclude Expenses From Downloaded Bank Transactions

Exclude20MoneyInTransactionInTheForReviewTab.PNG

 

After that, reconcile your Chase account for April again. It helps you ensure the account in QBO matches your bank statement. 

 

Furthermore, I'd recommend visiting this resource hub: Reconcile Workflow. It contains in-depth information about starting, fixing any differences, and completing the reconciliation process. Just click the links beside QuickBooks Online

 

I'll be right here to help if you have other concerns. Enjoy the rest of your day, @diskwizz

View solution in original post

9 Comments
Highlighted
Level 2

Can I use Journal entry to fix this issue?

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Highlighted
Community Champion

Can I use Journal entry to fix this issue?

First off, a journal entry is the wrong way to fix this..

 

Is it a single transaction that should only credit banking (expenses from checkingvare credits) or did they refund it as well making it a wash but just that one transaction happens in May?

 

Or is it a case of a single $20 taken out of banking but instead of posting to an actual bank charge expense it is posting back into the same account? Without seeing details of each transaction you posted there is no way to know if this is, as I suspect, merely a misdirected posting. If it is one two-sided transaction, open it, edit to the correct expense, and save. If it is two actual transactions you can change the date of the one that happened in May or more simply do not select it to clear in your reconciliation

Invariably you should often have transactions that do not clear until the following month.

Highlighted
Level 2

Can I use Journal entry to fix this issue?

Hi John

Appreciate the reply. 
All I know is that on my Chase Bank statement there is only the $20 Electronic Withdrawl.
Yet on QB it was pulled in from Chase as $20 in and $20 out. Both on 04/02
Hence why I am left with the $20 discrepancy.
I am very much a QB novice and just trying to work out #1 why it happened and #2 how to rectify it.
Thanks

Highlighted
QuickBooks Team

Can I use Journal entry to fix this issue?

Hello there, @ diskwizz.

 

 

The transaction imported to QuickBooks Online depends on the information sync by your bank. You can check with your financial institution on the $20 debit to know what the amount is for.

 

Once you know the details of this transaction, you can follow the advice of john-pero provided above.

 

Also, you can check this article about what you can do after you’ve downloaded the transactions from your bank: Assign, categorize, edit, and add your downloaded banking transactions.

 

If you have additional questions related to your QuickBooks product, please don't hesitate to reach out. Keep safe always.

Highlighted
Level 2

Can I use Journal entry to fix this issue?

Hi MaryAnn.

I know what the transaction was for. I had a transfer to China that needed an extra push and the fee is related to that admin charge.

 

All charges etc are pulled in by the API as my Chase acct is synced to QB. I just don't understand why it has $20 in and also a $20 out when Chase have only done the one thing which was charge me.

Happy to add screenshots if it will assist anybody in helping me get my reconcile to $0 as opposed to -$20

Highlighted
QuickBooks Team

Can I use Journal entry to fix this issue?

Let's make sure that our bank register within QuickBooks matches with our real-life bank statements, @diskwizz.

 

You can view the details of the transaction in question. This way, we'd know if it is a legitimate transaction related to your business. If it's recorded as an expense, we may need not to enter a transfer and vice versa to avoid duplicates. From there, we'll delete one and start the reconciliation process.

 

Here's how: 

  1. Go to the Accounting menu.
  2. Select Chart of Accounts
  3. Click View register
  4. Let's look and select the Expense or Transfer and click Delete
  5. Select Yes to confirm. 

Once deleted, you can start reconciling the account again. We can a reconciliation report after the process. Also, I'd suggest consulting with an accountant so you'd be guided properly.

 

Here are some articles that you can read on to learn more about the reconciliation process in QuickBooks: 

You can get back to the Community team if you need more help with your reconciliation discrepancies.  I'm always here to help.

Highlighted
Level 2

Can I use Journal entry to fix this issue?

But if I delete it from the account it just shows back up again in the waiting to be reviewed section.

Highlighted
Moderator

Can I use Journal entry to fix this issue?

I appreciate you for performing the steps provided by my peer above, @diskwizz. I'm here to ensure you're able to fix the $20 discrepancy when reconciling your Chase account in QuickBooks Online (QBO). 

 

You're on the right track in deleting the transaction from your register. Also, it's a great way that you've verified from your bank statement that you only have $20 expense. With this, I'd suggest excluding the duplicate $20 money-in transaction in the For Review tab. That way, it won't add to your register, so the difference will be zero when reconciling your account. I'll guide you how. 

  1. Go to the For Review tab from the Banking menu. 
  2. Locate the $20 money-in transaction and check its box. 
  3. Click the Batch actions drop-down.
  4. Choose Exclude Selected.

 

Once done, the transaction will move to the Excluded tab. The screenshot below shows you the steps. For the detailed instructions, check out this article: Exclude Expenses From Downloaded Bank Transactions

Exclude20MoneyInTransactionInTheForReviewTab.PNG

 

After that, reconcile your Chase account for April again. It helps you ensure the account in QBO matches your bank statement. 

 

Furthermore, I'd recommend visiting this resource hub: Reconcile Workflow. It contains in-depth information about starting, fixing any differences, and completing the reconciliation process. Just click the links beside QuickBooks Online

 

I'll be right here to help if you have other concerns. Enjoy the rest of your day, @diskwizz

View solution in original post

Highlighted
Level 2

Can I use Journal entry to fix this issue?

I actually did this about an hour ago once I spotted it. But great to see you have come back with clarification.
Thanks

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