Deposits download as payments in Simplifi

Gem club

Simplifi converts deposits to payments. The categorizations are correct as income, but the transaction log indicates they are payments. It is not a bank error - all the transactions in question are defined as deposits at the bank. This is reflected as negative income.

Is there a way to correct these transactions?

RobWilk

This may be what they call a reverse register, where downloads from a particular bank or account type from that bank download as opposite of what they are (negative is positive, positive is negative). I'm not Simplifi support, but they will probably ask you the name of the financial institution to proceed further (again, i am not support).

Coach Kristina

Hello @Gem club,

To help you troubleshoot this issue, as @RobWilk stated, we need to know which financial institution you're encountering this issue with. Are all of the transactions coming in reversed, or is it just the deposits? When did you first notice this issue? Was the account previously connected and downloading properly, or has this issue been happening ever since you connected to the account?

I look forward to your reply!

Gem club

Hello Kristina - thank you. The institution was US bank. I have found 4 deposits beginning June 4 through July 2. It seems to only be deposits that are affected by this reverse positive to negative. The downloads previous to that seem to be accurate: however.

Full disclosure: I am the treasurer for a nonprofit hobby club so constant surveillance is not done and since Simplifi does not have a reconciliation function it too easy to ignore the accuracy of the downloads. QuickBooks has a reconciliation function, but it is too expensive for us. The account holder is really at the mercy of the bank for accuracy. There is no way to check accurate balance without a defined group of transactions to check off and match the bank's balance.

A more structured reconciliation function should be added to future updates.

Coach Jon

Hello @Gem club,

Thank you for the information. You mentioned you found those deposits between June 4th - July 2nd. Is this issue still happening currently? If it is not, you may just need to change those transactions in your register.

As for a reconcile feature in Quicken Simplifi, we do have an idea post already that you may vote for and follow for updates here:

https://community.simplifimoney.com/discussion/156/ability-to-reconcile-accounts-edited-1-merged-vote

Thanks,

Coach Jon

Gem club

Hello Jon and Kristina

I have found 14 deposits that are reflected as debits in our transactions. Jon stated

 "you may just need to change those transactions in your register" I have attempted to delete a transactions (with notes of exact information) and reenter but they always come back as debits not deposits.

I have also double checked that the splits categories are listed as income not expenses.

I can not find information regarding manual entry of deposits. How do you manually enter a deposit in Simplifi?

Coach Jon

Hello @Gem club,

Thanks for the reply! Generally, you would need to select an income category when creating the transaction. The transaction would automatically appear as a deposit at that point in your account register. Here is a great support article that explains how to set up this kind of transaction: https://help.simplifimoney.com/en/articles/3359548-how-to-create-an-income-transaction

Be sure to verify that the categories you are choosing are listed as income categories. You can check for sure in the Categories & Tags Settings section of Quicken Simplifi.

Hope this helps!

-Coach Jon