Pairs are being missed, so transfers are getting categorized as expenses
under review
Jamie Whitener
I agree with Erica - and I personally prefer the expense so that I can then go to the bank as a vendor to make any changes. I will say the reason it's "not working" is that you have to manually find the match currently, which is a total PITA. My work flow has always been tho to match the money going out in the bank feed then go to the account that's catching it so that it's not doing this duplicate you are mentioning.
Erica Bunker
Honestly, this shouldn't matter because if you categorize it as an expense, the "category" from the chart of the accounts should be the other account where the money is going. A transfer and an expense inside of QBO are literally the same things they just have a different label and some are missing additional fields. I never use transfers....ever. Just letting you know.
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Pamela Kyle
Erica Bunker I like having the distinction. It makes it easier to review and spot errors. Seeing an Expense on the Split side always gives me pause because it looks out of place, such as an an Expense on the Uncleared Deposits list. Transfers are self explanatory.
Matt Skinner
Erica Bunker - 100%. Transfers only let you hit balance sheet accounts, so if something is posted as a 'transfer' you can't change it to an income or expense item without reposting. Transfers are wack.
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Molly Pellegrino
Pamela Kyle I also never use Transaction Type and have instructed all staff not to use it. As others have pointed out, this transaction type limits the GL accounts you can use to only specific B/S accounts which can cause a nightmare if you have to go back and make corrections using other GL accounts. If the new AI agent is ignoring Transfers from available matches from the bank feeds, it seems this transaction type should be done away with altogether.
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Pamela Kyle
Molly Pellegrino That's why I like the Transfer option. It's almost impossible to miscode a transfer if you use a bank rule. I only use them for one thing and it works great. At LEAST half the time "Expense" transfers get duplicated with Deposits on the other end, when a single transfer would be self explanatory. Clients are the worst offenders, QBO AI is the second.
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Pamela Kyle
why would a transfer EVER need to leave the balance sheet? That's the whole point, to stay on the balance sheet.
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Molly Pellegrino
Pamela Kyle I totally agree. It shouldn't ever leave the B/S, as long as clients don't co-mingle biz and personal. However, we know that is often not the case. For example, there is a bank transfer from a business account to an external personal account. Our staff sees the outbound transaction from the bank and sees it technically is a bank transfer, and thus adds it from bank feed as a Transfer trans type and books it to draw or S/H distribution. During review, it is found the tsf was to pay an expense reimbursement to one of the owners and the transfer should've been booked as an expense. It would be nice to be able to adjust the entry instead of booking an JE.
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Pamela Kyle
Molly Pellegrino I can see how that would happen. My feedback to that staff member would be to review the bank description and learn the difference between a company account number (last 4 digits) and outside accounts. Again, a company account can be set with a rule, and in the absence of a rule-match it becomes an Uncat Exp to follow up on later.
Aditi Sahani
Michelle Lownsbery I moved your comment on transfers getting categorized as expenses here as it is a separate issue from transactions categorized as transfer. I will pass your feedback to the product team.
Aditi Sahani
under review