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killian-otavo-ie
Level 2

I have 2 transactions on my bank statement from PayPal, test amounts to confirm account, how do I account for these?

2 small Payments one for 6 cent and one for twelve cent, they appear on the bank statement as credits. These were lodged by PayPal to confirm bank account, but they never disappeared from the account and remained on the bank transactions.

How do I account for these, as they do not match any invoices, receipts etc etc obviously.

Solved
Best answer July 21, 2024

Best Answers
IrizA
QuickBooks Team

I have 2 transactions on my bank statement from PayPal, test amounts to confirm account, how do I account for these?

I have a set of steps for categorizing the test amount or transactions you've received, Killian.

 

After depositing the specified test amount into your bank account, we can create a Bank Deposit transaction and match it in the For Review tab for accurate record-keeping and future reconciliation.

 

It's also crucial to enter the correct information to ensure the created entry will appear as the suggested match in the For Review section.

 

Here's how:

 

Step 1: Create a Bank Deposit transaction

 

  1. Go to the +New icon, and choose Bank Deposit.
  2. Under the Account dropdown, select the bank where you want to deposit the funds.
  3. Click the Add funds to this deposit dropdown and fill out the necessary information, such as the Received from dropdown, Account, and Amount field.
  4. Please choose the same bank account from the Account dropdown.

 

Step 2: Match the transaction

 

  1. Go to the Transactions menu, then choose the Bank Transactions option.
  2. Under the For Review tab, click the transaction that contains the highlighted matches.
  3. After pressing the Match option, the transaction will go to the Categorized tab.

 

If it involves a withdrawal of the amount, you can create an Expense transaction and match it again from the For Review tab.

 

You can also learn more about categorizing online bank transactions on QuickBooks Online.

 

When you're ready to balance your data in QBO, kindly refer to this article: Reconcile an account in QuickBooks Online.

 

Please let me know if you have further questions about categorizing test amounts, Killian. I'll be around to help you. 

View solution in original post

1 Comment 1
IrizA
QuickBooks Team

I have 2 transactions on my bank statement from PayPal, test amounts to confirm account, how do I account for these?

I have a set of steps for categorizing the test amount or transactions you've received, Killian.

 

After depositing the specified test amount into your bank account, we can create a Bank Deposit transaction and match it in the For Review tab for accurate record-keeping and future reconciliation.

 

It's also crucial to enter the correct information to ensure the created entry will appear as the suggested match in the For Review section.

 

Here's how:

 

Step 1: Create a Bank Deposit transaction

 

  1. Go to the +New icon, and choose Bank Deposit.
  2. Under the Account dropdown, select the bank where you want to deposit the funds.
  3. Click the Add funds to this deposit dropdown and fill out the necessary information, such as the Received from dropdown, Account, and Amount field.
  4. Please choose the same bank account from the Account dropdown.

 

Step 2: Match the transaction

 

  1. Go to the Transactions menu, then choose the Bank Transactions option.
  2. Under the For Review tab, click the transaction that contains the highlighted matches.
  3. After pressing the Match option, the transaction will go to the Categorized tab.

 

If it involves a withdrawal of the amount, you can create an Expense transaction and match it again from the For Review tab.

 

You can also learn more about categorizing online bank transactions on QuickBooks Online.

 

When you're ready to balance your data in QBO, kindly refer to this article: Reconcile an account in QuickBooks Online.

 

Please let me know if you have further questions about categorizing test amounts, Killian. I'll be around to help you.