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Dogbreeder2020
Level 2

Zelle Transfers to my business account showing as retained earnings

I accept Zelle payments for sales and they are deposited in to my business account. For some reason they are showing as retained earnings in QB. It should be showing as Sales of Product Income but there is no way to change the classification of these particular transactions. Other deposits from outside sources such as Stripe are classified as Sales of Product income. I am not sure what this actually means as I am just starting bookkeeping for this business and it has been a long time since I have used QB and when I was using QB it was for a completely different industry.

Solved
Best answer September 27, 2020

Best Answers
JamesDuanT
Moderator

Zelle Transfers to my business account showing as retained earnings

Hello there, Dogbreeder2020.

 

QuickBooks Online can integrate to a number of third-party applications. As long as you correctly map the fields of your third-party app with QuickBooks Online, the data should flow as they should be.

 

I'd recommend contacting the Zelle's support team to review the integration process. They can pull up your account and correct the mapping of fields.

 

Aside from that, you might also want to visit our Intuit Developer Support page. We have engineers, developers, and other QuickBooks users that are integrating the same program as yours. They can share their ideas about this.

  1. Go to this link and log in to your Intuit account: https://help.developer.intuit.com/s/.
  2. Select QuickBooks Online under What do you need help with?.
  3. Click Ask a Question and enter the details of your concern.
  4. Select Ask.

Feel free to drop by if you need anything else. Have a great day!

View solution in original post

5 Comments
JamesDuanT
Moderator

Zelle Transfers to my business account showing as retained earnings

Hello there, Dogbreeder2020.

 

QuickBooks Online can integrate to a number of third-party applications. As long as you correctly map the fields of your third-party app with QuickBooks Online, the data should flow as they should be.

 

I'd recommend contacting the Zelle's support team to review the integration process. They can pull up your account and correct the mapping of fields.

 

Aside from that, you might also want to visit our Intuit Developer Support page. We have engineers, developers, and other QuickBooks users that are integrating the same program as yours. They can share their ideas about this.

  1. Go to this link and log in to your Intuit account: https://help.developer.intuit.com/s/.
  2. Select QuickBooks Online under What do you need help with?.
  3. Click Ask a Question and enter the details of your concern.
  4. Select Ask.

Feel free to drop by if you need anything else. Have a great day!

View solution in original post

Dogbreeder2020
Level 2

Zelle Transfers to my business account showing as retained earnings

Thanks! 

Dogbreeder2020
Level 2

Zelle Transfers to my business account showing as retained earnings

Actually, I am not trying to integrate the 3rd party app in to quickbooks. I went back and tried to figure it out how to map the fields of my 3rd party app and then I got completely lost. Quickbooks is categorizing my expenses and deposits directly from my Bank of America account. It picks out those specific Zelle transfers and decided that those transactions are retained earnings instead of what they actually are, Payments for an item. No way to change it. I have not linked my Zelle account with QB at all. 

JamesDuanT
Moderator

Zelle Transfers to my business account showing as retained earnings

Thanks for getting back to us and providing additional details, Dogbreeder2020.

 

We don't have a control of the transactions that your bank share with us. However, we can categorize the transactions according to your setup.

 

If the bank transaction is showing as Transfer, we can still categorize it to the correct accounts and Add to your register.

  1. In the Banking page, go to the For review section/tab.
  2. Click on the Transfer transaction and click on the Categorize radio button.
  3. Select the correct Category (account) and other details.
  4. Click Add.

If you need to match the bank transaction to the one in QuickBooks Online, you can click the Find match radio button instead.

 

You can use this link for reference on how you can categorize your bank transactions: Categorize and Match Online Bank Transactions in QuickBooks Online.

 

If necessary, you can exclude the Transfer transaction so it won't be added to your register by accident. 

Then, enter the transaction manually in QuickBooks Online.

 

Let us know if you need more help with this. We'll be right here to ensure that you can mange your bank transactions.

Dogbreeder2020
Level 2

Zelle Transfers to my business account showing as retained earnings

OK! That did it! I cant create a rule with that type of transaction because the Zelle deposits in to my account from sales and the Zelle payments out of my account were both going to retained earnings but I was able to sort them all out because they were all recent and I knew what each transaction was from memory. I really appreciate the help!

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