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J
j_abbott-yahoo-c
March 9, 2022
Question

How do I enter a withdrawal transaction?

  • March 9, 2022
  • 1 reply
  • 0 views
A prior bookkeeper moved money from one bank account to another using a sales receipt instead of a bank transfer. This resulted in a deposit transaction to the checking account, but no withdrawal transaction on the funding bank account. How do I adjust the register on the funding so I can reconcile the account?

1 reply

R
Rea_M
March 9, 2022

I'm here to share details on how you can adjust the register so you can reconcile your account in QuickBooks Online (QBO), @j_abbott-yahoo-c.

 

When you move money from one account to another, you will need to record the transaction as a transfer in QuickBooks. You can create one using any of the suggested methods like Transfer, Check, matching imported bank transactions (only available if you have one or more connected banks), and Journal Entry.

 

Using a sales receipt transaction isn't a recommended way of transferring funds from one bank account to another. You may delete or void it, then process a bank transfer. However, I would encourage you to consult with your accountant to keep your financial data accurate.

 

Also, I'd recommend reconciling your accounts every month. This helps you monitor your income and expenses and detect any possible errors accordingly. For the detailed steps, you can check out this article: Reconcile an account in QuickBooks Online.

 

Keep me posted in the comments if you have other concerns about adjusting your register and moving money from one bank account to another in QBO. I'm always ready to help. Take care, and I wish you continued success, @j_abbott-yahoo-c.

J
j_abbott-yahoo-cAuthor
March 9, 2022

Thanks for your response and suggestions.  I realize using the sales receipt they used wasn't the best choice, thus my question. However, the bank account where that transaction was entered has already been reconciled and I thought it best to leave that intact.  I'm working through the backlog of unreconciled months for the account the transfer was made from and not clear what the best course of action is so that I don't end up with a duplicate transaction on the receiving bank account and yet have everything make sense.

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