Skip to main content
S
sandy71383
June 16, 2021
Question

Deposit put in wrong company account

  • June 16, 2021
  • 1 reply
  • 0 views

We use Quickbooks for two separate businesses. I recently deposited cash into the wrong bank account. I did an online transfer, but am not sure how to show that deposit going in and then out so I can reconcile the account. 

1 reply

M
Maybelle_S
June 16, 2021

It's good to have you here, @sandy71383.

 

In QuickBooks Desktop (QBDT), we'll have to transfer the funds to the correct account. Then, match the customer deposits to the invoices. We can use the Add More Details option in the bank feeds. 

 

Here's how:

 

1. Go to the Banking menu, then Transfer Funds.

2. Enter the date of the funds transfers into the Date field.

3. Then select the bank account from Transfer Funds From drop-down.

4. Select the name of the account to transfer the funds into by using the Transfer Funds To drop-down.

5. Enter the amount into the Transfer Amount field.

6. Click Save & Close button to record the fund's transfer.

 

Once done, match the customer deposits to the invoices. I'll guide you how:

 

1. Go to the Banking menu.

2. Select Bank Feeds, and then click Bank Feeds Center.

3. Choose your bank under Bank Accounts.

4. Click on the Transaction List.

5. Select the deposit and go to the Action column.

6. Click on Add More Details.

7. On the Add More Details page, click on Open invoices. Apply the deposit to the open invoices by selecting the box beside it.

 

I've added these links about customizing and understanding reports in QBDT for your guide: 

 

• Customize reports in QuickBooks Desktop

• Understand reports

 

If there's anything else I can do to help, please don't hesitate to comment below.

S
sandy71383Author
June 16, 2021

Hi Maybelle,

 

Thank you for the response, but i don’t believe this will work for my situation. We own a restaurant and marina and have a Quickbooks account for each (two separate logins). Money that should have been deposited into the restaurants bank account accidentally went into the marinas. The deposit happened at the end of May and i didn’t realize the error until June so the transfer happened in a different month and I’m not able to reconcile. I need to be able to show the deposit and then withdrawal, but not sure how to go about doing that. Would journal entries be the best way in this situation?

Jen_D
Jen_D
June 17, 2021

Thanks for posting here again, @sandy71383,

 

Joining the thread to share some insights about this deposit posting concern.

 

To record this properly, you can write a check to account for the transfer. Checks are money-out transactions, so it will reduce the register's balance.

 

On the actual company that should receive the deposit. You can use a bank deposit to show incoming funds and increase the bank balance. Simply go to the Banking menu then Write Checks.

 

To enter a Bank Deposit, follow these steps:

 

  1. Click the Banking menu then choose Make Deposits.
  2. In the Received From column, enter the company the funds are coming from.
  3. For the Account column, add the bank account.
  4. Add the correct transfer amount in the Amount field.
  5. Make sure the deposit matches the net bank deposit amount.
  6. Click Save and close.

 

A journal entry can be an option if you want that method. Just make sure the right accounts are used to post the entries correctly. 

 

If you ever have any concerns with deposits or anything about QuickBooks, tap me any time. I'll be more than happy to help. Have a good day!

Terms & ConditionsAccessibility statement