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VidaGeneral
Level 2

Reconcile a bank accounts in QuickBooks Online

Hi,

I've included contractors in payroll to be able to pay my contractor through direct deposit.

Also, I've created the expense transactions in Quickbooks to be able to record the HST amount.

Now, how can I reconcile them? 

Thanks,

Joe

3 Comments 3
LauraAB
QuickBooks Team

Reconcile a bank accounts in QuickBooks Online

Hello VidaGeneral,

 

It's great to have you with us again and I'm glad to hear that you're keeping on top of reconciling your accounts in QuickBooks Online. I can see how this situation might seem a bit tricky and I'd be glad to help guide you through it.

 

It sounds to me like you've potentially got two transactions in QuickBooks to account for your single transaction in the bank. That's okay. Although reconciling is typically easiest when it's a one-to-one match scenario, when you're reconciling an account and come across a situation like this, it's still possible to balance the numbers.

 

In this sort of situation, the important part will be to remember that when you get to the amount in your bank statement that there are two transactions that make it up in QuickBooks. Then, it would be a simple matter of checking off those two transactions and moving on to the next amount on the statement. For your reference, here's a helpful article about reconciliation: Reconcile an account in QuickBooks Online

 

If you're not feeling certain, an accountant is a good person to have on your side. They'll be able to guide you with their knowledge and expertise, and if they have certification for or experience with QuickBooks Online, that's even better. If you're already working with someone, you can consider inviting them as a user to your account using the email invite field in the My Accountant tab. That tab also has a Find a pro to help button to connect you with QuickBooks-savvy accountants near you.

 

I hope this helps and that you enjoy your week. :)

VidaGeneral
Level 2

Reconcile a bank accounts in QuickBooks Online

Hi,

I still don't understand what I have to do with the duplicated expenses.
Can I create a negative journal entry?
Someone told me:
"It's either you create an expense transaction and exclude the transaction downloaded to the banking tab or you can just apply the HST on the banking tab and add the transaction without creating an expense transaction."

Could you please help me with that?

Thanks.

AddieC
QuickBooks Team

Reconcile a bank accounts in QuickBooks Online

Hi VidaGeneral. Thanks for following up. If you're still unsure how to move forward with your transaction after following the steps LauraAB listed above, your best bet is to reach out to our tech support team so an agent can remotely share your screen and walk you through it. Since I'm unable to review your specific account setup here in the Community, I want to make sure you're given the best advice possible to resolve this.

 

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