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A
annmcdngh
October 30, 2023
Question

duplicated funds transfer

  • October 30, 2023
  • 1 reply
  • 0 views

 I recorded a cash transfer payment twice on my ledger from my cash account in the last financial year end. I need to put the amount back in the current financial year how do I do it please so my cash account will be correct. It has only come to light now after checking through all the migration stuff....I'm slow !

1 reply

AlcaeusF
AlcaeusF
October 30, 2023

Hi there, ann.

 

I'm here to help you manage your duplicate funds transfer in QuickBooks Online (QBO).

 

Considering the information you have provided, it would be advisable to create a journal entry (JE) to transfer the duplicate cash transfer from the previous financial year to the current financial year. However, I recommend seeking guidance from your accountant or accounting professional to ensure that you choose the appropriate accounts for this transaction.

 

To create a JE, here's how:

 

  1. In QBO, go to the + New button and choose Journal entry.
  2. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
  3. From the next line, choose the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
  4. Enter information in the memo section so you know why you made the journal entry.
  5. Fill in the other necessary fields.
  6. Hit Save and close.

 

To learn more about creating JE, check out this article: Create journal entries in QuickBooks Online.

 

I'm also adding this article that tackles managing and transferring funds in QBO, consider checking out this article: Transfer funds between accounts.

 

Please let me know if you have additional questions about this or anything else. I'm always here to assist. Take care.

A
annmcdnghAuthor
October 31, 2023

Thankyou so much for your speedy response. Regarding choosing the correct account. The account oriinally debited from was the cash account and the account the funds will be credited to iscthe same. Can it still be done

Ann.

C
Carneil_C
October 31, 2023

I appreciate you for getting back on this thread, @annmcdngh. I want to ensure this is taken care of.

 

About selecting the correct account when managing your duplicate fund transfer, seeking assistance from your account is our potential solution. They have the best recommendations for this kind of query. Thus, we can ensure the accuracy of your books. 

 

If you're not affiliated with one, you can utilize our accountant to look for one in your area.


 

When your customers need help moving their money from a credit card in QBO, refer to this article for a detailed process: Transfer funds from a bank to a credit card account.

 

You can post anytime if you have more questions about handling accounts. Please know the Community has your back. Have a good one.

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