Linda Artesani shows how to fix a QuickBooks problem where Citibank feeds import duplicate refund transactions. Delete the erroneous entries to correct your reconciliation balance. Reconcile monthly to catch these errors before they hit your financial statements.
Chapters
Hi, Linda Artesani, Artesani Bookkeeping, and I'm here just to do a quick tutorial, something that I discovered today that just happened to come on my screen when I went to reconcile my credit card. So Citi card that I have, credit card that I have, it's had some problems connecting with QuickBooks through the bank feed. There were days where I had an error message, then it finally did connect. I kept clicking update, trying again later, and I found today when I went to reconcile it that it was off by quite a bit, and then I noticed in here you can see I got a charge for $107 from my website and then a credit came in, a charge for a document system that I was using and a credit for the document system. These are things I pay for monthly, subscriptions, health coverage, things like that, and everything came in and then it shows a corresponding credit. These credits don't exist. I didn't get a subscription and then they gave me my money back. These were actually hiccups with the bank feed because the bank feed came in and it had a problem. And finally, when it did float in, it brought the transactions in. As you can see, they matched. So the transactions actually matched the system. So these credit card credits should not be here. I was not refunded for my hosting. So I just have to come on here, open up my transaction. If I get it to open here. Edit it. And then I have to delete it so I can make it disappear or void it, either one. And that will take the transaction completely off the screen. So I just need to come in here in order to get the difference to be zero. I just need to come in here and remove these transactions that did not happen in my account. They were— I was not refunded for any of these individual transactions. It's just the way the bank feed, the way Citibank sent me the transactions. It sent me them As debits and as credits or charges and then refunds, and the refunds never occurred. So you have to make sure that you reconcile every month. That's the way to make sure that this doesn't happen to you, and it's unfortunate that it happened. I meet a lot of people in the course of my job, people who come to me and they have issues and they don't even reconcile at all. It's really, really important to reconcile to make sure your information is accurate. If you just assume it's accurate because this is the way it came in on the— on the bank feed, clearly here the bank feed is incorrect. So if I just went with that, I would be having an expense and then negating the expense. So you really need to reconcile. It's very, very important to do so. So that is my way of cleaning that up. I'm also using the new feature, the different way of doing the reconciliation, and that's in the Labs section. So you can go to your gear wheel, go to QuickBooks Labs. It does have a few little bugs in it, so if you find something's not quite right on a report or something like that, You can shut it off. I have it on, but you can easily, you know, you could easily turn it on and off if you want. That's available to you. I happen to like it. I'm using it. I think it's really good if you use the bank feeds. It makes reconciling easy unless you have something like this happen where the transactions didn't flow in quite right. So again, it's Linda Artesani, Artesani Bookkeeping. I hope this was a helpful tip that reconciling is so important in your file, especially at this time of the year. We're trying to finalize out 2016, make sure that our records are accurate so we pay the proper taxes on the income that we, we've managed to get with our business. So I hope this is helpful. If you have any questions or feedback, please feel free to add it on here at YouTube, the YouTube channel, or on my website. I'd be glad and happy to help you. Thank you very much. Bye now. Bye.
