There’s a second faster sledgehammer method: Figure out what income categories the revenue was from. It should just pull in all the original transactions. Repeat your most recent reconciliation.In the Banking Transactions list, all the deposits will now match the exiting deposits.This will put the transactions back on the banking feed. They are probably categorized straight to income instead of to customers. In the operating checking account, verify which deposits correspond the actual transactions.In the QuickBooks Checking account register, edit each deposit transaction and change it to the operating checking account.In the QuickBooks Checking account register, delete all the merchant services charges.This will fix the problem for the future. In the same window, look for the Chart of Accounts settings and make sure the Standard Deposit and Instant Deposits both match the checking account.In Account and Settings > Payments, confirm the bank account to the actual checking account where the money is getting deposited.If this happened to you, here is how to fix the duplicated transactions: How to Fix QuickBooks Payments going into QuickBooks Checking if they’re really going into your bank account There’s one place to set the default bank account where you want the money to go…but there is a second set of Chart of Accounts fields that can still default to QuickBooks Checking even while the money is really deposited into their existing business operating checking account. Now here’s the really important part: As of this writing on April 28, 2022, there are two separate places where you have to manually declare the Chart of Accounts mapping for QuickBooks Payments. Money in envelopes is not available to spend, so it’s important you know the total balance, the amount siloed in the envelopes, and how much is liquid in Quickbooks Checking itself. QuickBooks Checking sometimes has to be manually added to Banking Transactions, so some business owners literally don’t even know that it’s there.Īccountants using QBOA can’t see the Envelopes at all, except under the Cash Flow balances. It’s hard for ProAdvisors and bookkeepers to manage the new checking account. To solve complaints that the money diverted to QB Checking, Intuit did clarify the opt-in experience and make the destination more obvious. Unwitting business owners didn’t expect this and they freaked out when their income never showed up. When Intuit first implemented QuickBooks Checking + Payments, all merchant service deposits went into this new QB Checking account. They do click an approval button, but it may not be obvious that they are opening a real in-product checking account. The problem is that when a QuickBooks Online (QBO) user turns on QuickBooks Payments Merchant Services, they create this actual bank account, potentially without their knowledge. Assuming this is happening to a lot of people who don’t have bookkeepers, many businesses may be overpaying their taxes. I just cleaned up TWO different clients with over 250 transactions and overstated income of more than $75,000. However, the awkward interface can cause unwitting errors. Overall I like the account, which I talked about in a previous article, because it pays 1% interest and allows you to create “envelopes” to save money with goals. I just identified a HUGE problem with how Intuit implemented their new QuickBooks Checking account. QuickBooks Payments merchant services QuickBooks Payments with QuickBooks Checking
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