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Lisa Spinale
February 2, 2021
Question

Journal entry created before a bank deposit received

  • February 2, 2021
  • 1 reply
  • 0 views

Hi all,

 

I have a dilemma. Before I came on board with this company, a journal entry was created before a deposit was received from a customer. Now I have a deposit I don't know how to classify and offset the journal entry. Originally, the other person classified it as deferred revenue but that put the over. How do I fix this issue? Please help asap. Thank you!

1 reply

M
mv32
February 3, 2021

Hi there, @Lisa Spinale.

 

I'm glad that you're back in the Community. I'll help you how to sort this out.

 

You can either offset the journal entry by creating another journal entry or remove the journal entry manually.

 

Here's how to delete it:

  1. Go to Settings ⚙️ and then Chart of accounts.
  2. Find the account you created the journal entry for. Then select View register.
  3. Find the journal entry in the account register. The word "Journal" should be in the Ref No. Type column.
  4. Select the journal entry to expand the view.
  5. Select Delete.
  6. Select Yes to confirm.

 

I've added a resource for more insights about removing a journal entry: Reverse or delete a journal entry.

 

Also, I'd suggest seeking professional advice from an accountant with categorizing the amounts to the right account when you choose to create a journal entry to offset other journal entry transactions. This way, your books are done accurately.

 

Please let me know if you have other concerns with QuickBooks. I'm always open to your reply. Take care, Lisa Spinale!

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