Accounting Tips For You

How to Erase Bank Downloads in Quickbooks

Step 1

Check the version of Quickbooks you have. Those with the 2009 or 2010 version can skip the steps below if they wish. For 2009 or 2010 Quickbooks users click on the ‘add transactions to quickbooks window’ (this is in the banking menu under online banking) and click ‘select items to delete’. You will have two options, either click on ‘Select individual transactions’ to delete those you know are incorrect. Or, you may click ‘Select all downloaded transactions older than’ and find the date prior to the download.

Step 2

Recognize common errors that take place as a result of bank or credit card statement downloads. Those with older versions must follow these directions in steps 2 through 6. You can blame the banks, their format may be compatible enough to download transactions, but their identification of customers and vendors is not ever going to the same as those in your Quickbooks files.

Your stop at the local Exxon, which the bank considers as ‘Exxon Store No. 987654′ will enter an Exxon with the banks’ designation as a new vendor. Stops at more than one location will end up creating a new vendor for each location, each with the identification number at the end.

Another common error is multiple entries. If you are entering any transactions manually, downloading the statement later can lead to duplicating the manual transactions you’ve already entered, often with different customer or vendor names.

Step 3

Create a backup file. Depending on which version and year of Quickbooks you have, when you begin the process of downloading a bank statement, a warning window will pop up and suggest that you create a backup file. Later versions make this a requirement. Create the backup before you download and save it onto either an external hard drive or a flashdrive.

Step 4

Find the latest backup version you can. If you didn’t get this warning box and there are already errors due to a bank download, locate the latest backup you made. You should be backing up your Quickbooks at least once a week. Locate this using your ‘Search’ button on the computer and type ‘.qbb’. Note the dates they were created and use one that is dated prior to the bank backup.

This will erase any entries you made between the day of the backup and the day of the bank download, so be prepared to enter them again.

Step 5

Enter manual corrections. If you have a ton of entries and re-entering them is not an option, cease all downloads and correct the errors manually. For users with newer versions see step 6. To do so, look for duplicated amounts of checks, deposits and other transactions. Look for variations of vendor and customer name including store numbers or wire transfer identification numbers. You may have to delete some Receive Payments transactions and begin again.

Step 6

Restore backup file. Open Quickbooks and when your company file opens, close it using the Close Company File. Click on Open or Restore Company and then on Restore Backup. When it prompts you to enter the open from where, choose your flashdrive or external hard drive where you saved the file. Choose to save it to the same location as the corrupted file.

A warning box will open up letting you know that there is a file of that name in the same location and saving the backup there will delete the old file. Choose yes and your file will be back as good as new.

David Roberts, Certified Fraud Examiner, Certified QuickBooks ProAdvisor, MBA, lives in Kissimmee, Florida with his four girls, three dogs, two snakes and one wife. He has been a member of the Association of Certified Fraud Examiners for five years and has been studying fraud for longer than that. He is the owner of Homesoon Accounting Services which specializes in Quickbooks Consultations and Fraud Prevention and Detection. His website is located at http://www.homesoonaccounting.com