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llm050
November 30, 2020
Question

How do I correct a deposit that was deposited in error?

  • November 30, 2020
  • 3 replies
  • 0 views
I accidentally deposited the check to my business account when it should have gone into my personal account.

3 replies

MichelleBh
MichelleBh
November 30, 2020

Hi there, @llm050.

 

I can help walk you through the steps of how to fix the check that is deposited to the wrong account in QuickBooks Online (QBO).  

 

Let's go to the view register to edit the check you've previously deposited. 

 

Here's how: 

 

  1. Choose the Accounting tab, then pick Chart of Accounts. 
  2. Locate the business account, then hit View register. 
  3. Click the check and tap Edit. 
  4. In the Account drop-down, select the personal account. 
  5. Hit Save and close. 

 

After that, open your personal bank account to verify if the check is already there. 

 

 

You can also check these great resources that can help you with managing your COA, deposits, bank feeds, and other relevant topics. 

 

 

Let me know if you have more questions. I'm always here anytime you need help. Take care!

L
llm050Author
November 30, 2020

Thanks for the reply. However, my personal banking account is not connected with QB's. So I cannot post it. 

MichelleBh
MichelleBh
December 1, 2020

Thanks for the quick reply, @llm050.

 

I'm here to ensure you can transfer the deposit to your personal account in QuickBooks Online (QBO). 

 

Since the personal account is not connected to QBO, I'd suggest depositing the amount to the Owner's Equity. But before doing that, let's delete first the wrong deposit. Simply go to your business account, then delete the transaction.

 

 

After deleting, please follow the steps below. 

 

  1. Go to the New icon, then choose Bank Deposit. 
  2. Choose the customer's name in the Received from the drop-down.
  3. In the Account box, select Owner's Equity. If you don't have it yet, click the +New. 
  4. Complete the Payment method, amount, etc. 
  5. Hit Save and close.

 

Then right after, create an Expense transaction to return the money to your personal account. 

 

Here's how: 

 

  1. Choose the + icon, then select Expense. 
  2. Pick the Payee name in the drop-down.
  3. Complete the Payment account, method, and date. 
  4. In Category, choose Owner's Equity. 
  5. Enter an amount. 
  6. Tap Save and close.

 

Also, you can always run the quick reports by clicking the drop-down arrow beside View Register. This way, you can review your data, then customize it to show the specific details. See the sample screenshot for your guidance. 

 

 

Additionally, I've added articles about the How do I question in QBO: Help Article. 

 

Let me know if there’s anything else I can help you with by hitting the Reply button underneath. I’ll be right here to assist further. Enjoy the rest of the day. 

M
Motivity with Joi
January 23, 2024

A client accidentally ZELLEd me money to my business account instead of my personal account. My personal acct is not set up in QB. I have not reconciled the month yet. Should I write a check to myself from my business account? If so, how do I fix or categorize that in QB? or is there another way to fix the situation? Thank YOU!

G
GlinetteC
January 23, 2024

Thanks for joining this thread, Motivity.

 

I can offer an alternative way to handle this payment transaction in QuickBooks Online.

 

You can Exclude that transaction from your business account records. This can help ensure that your financial records accurately reflect your business activities. I'll walk you through how:

 

  1. Go to Transactions, then select Bank transactions.
  2. Select the For Review tab.
  3. Click the checkbox of the transactions to exclude.
  4. Select Exclude.

 

After excluding the transaction, it will be moved to the Excluded tab on the Banking page, where it will be stored separately from your regular transactions.

 

Moreover, reconcile the account to ensure the accuracy and completeness of your financial records.

 

Let me know if you have further questions regarding banking transactions and other related issues. I'll be here to assist.

P
pcarew
July 19, 2024

I have a similar problem, but using QB *Desktop*.
Money was wired to my business account in error (it should have been wired to me personally).
So now my business checking account has a large deposit, that I need to transfer out and into my personal bank account.

 

How to handle this in QB desktop, without the deposit looking like business income?

 

 

    FishingForAnswers
    FishingForAnswers
    July 19, 2024

    @pcarew  Well, there are several ways to do it, but they all amount to the same thing.

     

    To handle the original erroneous deposit into the business account, make a GJE debiting your business account and crediting Owner's Equity on the appropriate date.

     

    Then, make another GJE debiting Owner's Equity and crediting your business account on the appropriate date.

     

    This will fully recognize both events.

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