Bank transaction mismtach

mikefkf · ‎April 27, 2022

I have a transaction in Banking (For Review) showing as a credit ("Received", categorized as Uncategorized Income) but was a debit on the bank's register (verified in online bank access). It was a check written by us (monthly rent check), so should be a debit. I don't even know where to begin. Any ideas?

Thanks!

MarsStephanieL · ‎April 27, 2022

Hi there, @mikefkf. I'm here to ensure that you can categorize your transactions properly in QuickBooks Online (QBO).

Your rent expense should reflect as a debit on your bank transaction. I'd like to know the bank name to check our system if there is an ongoing investigation about this issue. Have you also clicked on the Update button on the Banking page? It will refresh the feeds and might change the wrong amount shown.

If the issue persists, I'd recommend contacting our Customer Care Team. They have the tools to verify and conduct further troubleshooting method to fix it. You can also check the support hours to get help right away.

For now, I suggest uploading the transaction using a .csv file to categorize your transactions. You can go to your bank's website and get the transactions from there. Save it to Excel, follow the format below:

Column 1-A: Date
Column 1-B: Description
Column 1-C: Amount (Enter a negative sign before the number if it's a debit transaction.)

Once done, save it as .csv (Comma Separated Value) file. Then you can proceed to uploading the file in QBO.

Here's how:

Login to your QBO account.
Go to the Banking page.
Click on the bank account and click on the dropdown icon beside the Link account.
Select Upload from file.
Click Select file and Continue.
Map the column file and click OK.

For more details about the process, you can check out this article: Manually upload transactions into QuickBooks Online.

Moreover, I've included this reference in case you're ready to assess your business' financials: Learn the reconcile workflow in QuickBooks. It contains tips and fixes with any reconciliation issues you might encounter in the future.

Please don't hesitate to let me know if you have difficulties with the steps about uploading your bank transactions in QBO. Or if you have other concerns, I'll be here to back you up. Take care!

View solution in original post

MarsStephanieL · ‎April 27, 2022

Hi there, @mikefkf. I'm here to ensure that you can categorize your transactions properly in QuickBooks Online (QBO).

Your rent expense should reflect as a debit on your bank transaction. I'd like to know the bank name to check our system if there is an ongoing investigation about this issue. Have you also clicked on the Update button on the Banking page? It will refresh the feeds and might change the wrong amount shown.

If the issue persists, I'd recommend contacting our Customer Care Team. They have the tools to verify and conduct further troubleshooting method to fix it. You can also check the support hours to get help right away.

For now, I suggest uploading the transaction using a .csv file to categorize your transactions. You can go to your bank's website and get the transactions from there. Save it to Excel, follow the format below:

Column 1-A: Date
Column 1-B: Description
Column 1-C: Amount (Enter a negative sign before the number if it's a debit transaction.)

Once done, save it as .csv (Comma Separated Value) file. Then you can proceed to uploading the file in QBO.

Here's how:

Login to your QBO account.
Go to the Banking page.
Click on the bank account and click on the dropdown icon beside the Link account.
Select Upload from file.
Click Select file and Continue.
Map the column file and click OK.

For more details about the process, you can check out this article: Manually upload transactions into QuickBooks Online.

Moreover, I've included this reference in case you're ready to assess your business' financials: Learn the reconcile workflow in QuickBooks. It contains tips and fixes with any reconciliation issues you might encounter in the future.

Please don't hesitate to let me know if you have difficulties with the steps about uploading your bank transactions in QBO. Or if you have other concerns, I'll be here to back you up. Take care!

Rainflurry · ‎April 28, 2022

@mikefkf

The terms debit and credit are used differently from the bank's perspective than in accounting terms as it applies in QB. From our perspective, in accounting terms, a check written out of our bank account is a credit to the bank balance, not a debit (it reduces your cash asset). This is contrary to how a bank refers to a withdrawal. They refer to it as a debit which, from their perspective, it is. It is a reduction in their deposit liabilities - they no longer owe you that money.

mikefkf · ‎April 28, 2022

The bank shows the check coming out of my account. QB shows the exact same amount being added to my account ("Received", not "Spent" in the Banking view). There is no scenario where this should be a valid outcome, regardless of terminology.

mikefkf · ‎April 28, 2022

Thank you. I was able to import the lone correct transaction and it worked properly, and excluded the incorrect one. In 7 years, this is the first time I have ever seen this happen.

JonpriL · ‎April 28, 2022

Appreciate the update, @mikefkf.

I'm happy that one of our community members, @Rainflurry, was able to resolve the incorrect posting of the amount of your transactions. You're on the right track, excluding transactions will remove them from the list of uncategorized entries.

If you got any other questions about your banking accounts and transactions, please let us know in the comment below. Take care always!

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Bank transaction mismtach