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A
alaia
January 25, 2022
Question

Accidentally had funds deposited into personal account

  • January 25, 2022
  • 1 reply
  • 0 views

A client had me fill out a direct deposit form (they previously clicked my invoice links and paid). I accidentally put down my personal banking info and didn't realize it until I saw the big deposit this morning.

 

What's the easiest way to fix this? I was going to transfer most of that money to my personal account anyway, but I want to do this right. Should I transfer the entire amount to my business account, mark the invoice as paid, and then transfer the amount to personal that I was originally intending?

 

What's the right thing to do in these situations, accounting/tax/bookkeeping wise?

1 reply

Rustler
Rustler
January 25, 2022

Receive the invoice and let the funds sit in undeposited funds
Use make deposits and deposit the funds

Enter a payment for the total amount and use owner equity drawing as the expense (reason) for the payment

Then make a payment from the personal account into QB for the amount you will deposit, use owner equity investment as the source account for the deposit

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