Duplicate transactions in bank feeds. Just like this beautiful couple of Latte’s they happen. Probably one of the most important reasons to reconcile. If you just willy-nilly enter them into QuickBooks Online (QBO), you may be setting yourself up for disaster–in the form of duplicate expenses and/or duplicate income.
Why do they happen?
The transactions come in from the bank. Sometimes the bank sends them twice. Or sometimes even three times! I have seen it.
What can you do about them?
In the video below, you will see how to remove them while reconciling them. I have shown you an issue I encountered with downloading credit card transactions from Citi Bank into my account from the bank feed. I had already reconciled my earlier month’s credit card statement and entered the payment in full. The payment was out of my Bank of America account and applied to my Citi Card credit card account. When the feed downloaded, it matched on the Bank of America side.
On the Citi Bank tab on the banking screen, it showed up there too. I matched it. But I just did it quickly and apparently it downloaded as a transaction that was out of Citi Bank to Citi Bank. This created a transaction that came out of my Citi Bank account into my Citi Bank account. It negated the entire transaction. In the video you will see the duplication–the 2 entries. It is important to remove the transaction that is not reconciled already on the Bank of America side (which is the bank account I reconciled first). The video shows the warning you will get telling you not to remove the transaction that is already reconciled.
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