QB Issue Resolution:
What are you calling a “payable” account? Is this AP?
AP requires a Name. You don’t use JE when a transaction needs a Name associated. So, your “payable” account must be some other type of Liability account? Credit Card? Debt?
“Why did a DEBIT to the checking account show as a DEPOSIT?”
Debits increase Asset accounts and Decrease liability and equity accounts. That is ALWAYS how it works.
Moving money OUT of bank = Write Check, for using QB. You list this “other account” on the Expenses tab.
Checks Credit Bank and Debit anything you listed on the Expenses tab, or any account to which the Item(s) is linked for using Items on the Items tab, for this Purchase or Payment transaction.
If your Bank increased, the “other account” is the Credit. A credit to a Liability account INCREASES what you owe. For example, I take out a Loan for Cash to Bank =
Deposit to Banking (debit)
Loan balance increases (credit)
I take out a Loan for Car = Debit (increase) new Fixed Asset
I have a Car Loan = Credit (balance is higher)
Then, pay down the loan principal:
Check = credit Bank $100 (decreases my balance)
Loan = debit (loan balance goes down by $100)
Using QB means you DON’T need to think about Debits and Credits and using JE for Banking is not the right tool.
If you paid out funds, then use Banking Menu > Write Check.
Example: Prepay a supplier = Write Check, posting to an Other Asset account. Bank goes down (credit) and Other Asset goes up (like an Escrow account, they have my money).
And paying a “payable” often means I already used Enter Bill (AP) and need to use Pay Bills. JE cannot clear AP.
This is a Program with an Interface = set of Tools.
Resolution for Issue 'Journal entry debit from “bank” account shows as a deposit to the bank. Going to (credit) “Payable” account (where it shows as an increase).' available: Yes (Solved).
Source: Intuit Community forum.
Journal entry debit from “bank” account shows as a deposit to the bank. Going to (credit) “Payable” account (where it shows as an increase).: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Journal Entry
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