Business
Wondering how to change recorded deposit in QuickBooks Online? If yes, then you have reached the right place. In this blog, we have covered all the essential details required to change recorded deposit to an expense in QBO. By changing the recorded deposit as per your preference you can easily keep a track record of the payments made any further issues.
What are the Steps to Change Recorded Deposit in QuickBooks Online?
In this part, we have explained all the necessary steps that are required to change recorded deposits in QuickBooks Desktop. Apply the steps in the same manner as given below, have a look at them.
Stage 1: Verify That Amounts are Tracked Properly:-
All the expenses will be imported to QuickBooks as deposits only when all the amounts are mapped appropriately. Also, you must ensure that you have tracked the amounts properly and picked the right columns in the mapping stage so that QuickBooks can read the data quickly.
Stage 2: Exclude the Transactions:-
You can’t make the changes in the details of the transactions from your bank section. For that, you have to exclude the expenses reflecting as deposits on the For Review tab. Further, follow the steps below to exclude the expenses.
- Move to the Banking option from the left panel.
- Soon after this, tap on the Banking tab and then pick the bank account linked with QuickBooks.
- Move to the For Review tab and select the checkbox next to the transactions.
- Afterwards, hit on the drop-down arrow next to the Batch Actions.
- Finally, choose the Exclude button.
Stage 3: Manually Upload Transactions Into QuickBooks Online:-
You can upload the transactions in QuickBooks Online by performing the steps below closely.
Process 1: Choose a Starting Date:-
To prevent adding the duplicate entries, you must be aware about the date of the previous existing transaction present in this account.
- Firstly, navigate to Bookkeeping or Accounting and then opt for the Charts of Accounts option.
- You are supposed to pick the bank or credit card account in which you wish to upload the transactions.
- Next, choose the View Register option and then proceed further.
- Locate and note down the date of the oldest transaction. Mainly, the oldest transaction will be the opening balance.
Process 2: Acquire the Transactions From Your Financial Institution
- Primarily, you must login to your bank or credit card website using the correct login credentials.
- Go through the bank instructions for how to download CSV files of your transactions on your device. There are distinct steps for all the financial institutions, so apply the steps that fits as per your bank.
- You must verify the date range for the download. It is best if you mention the date one day prior to the date of your older transaction.
- Now, you can easily download your transactions and then save the file at the place where it is easy to find.
Process 3: Examine the File Format and Size
Open and verify the file from your financial institution. You must verify that the file size is in appropriate format before you upload it. While uploading the file, ensure that the file size is 350 KB. If you see that the file size is large, condense the date range and get the transactions downloaded in smaller batches.
Process 4: Uploading of the Transactions Manually
- Initially, move to the Bookkeeping > Transactions > Bank Transactions option.
- Choose the blue tile for the account in which you have to add the transactions.
- Tap on the drop-down menu of Link Account and choose the Upload From File option.
- Click on Drag and Drop or Select Files and pick the file you downloaded from your bank. Later on, tap on the Continue button.
- Choose the account in which you wish to add the transactions by tapping on QuickBooks Account drop-down menu and hit Continue button.
- Act according to the instructions directed on the screen to tally with the columns on file with the correct fields in QuickBooks.
- Pick the transactions you wish to import and proceed further by clicking the Continue button.
- Afterwards, click Yes and then hit the Done option once the transactions are accepted.
Process 5: Organize the Transactions
Now, that all the transactions are successfully uploaded in QuickBooks, you have to tally and arrange them properly. The transactions will automatically enter into your accounts once they are verified.
Process 6: Reconciliation of the Transactions
You will see that all the transactions are now recorded in QuickBooks and now you have to reconcile them. Doing so, will enable you to gives you the surety that your account is accurate and their is no duplicate transactions included.
Ending Note!!
So, here we conclude this post and hope that now you can easily change recorded deposits in QuickBooks Online. However, if you have any further queries, you can consult our professionals through live chat.