Skip to main content
February 17, 2021
Question

My deposits are showing as a debit and a credit due to adding them from the register. how do i correct this?

  • February 17, 2021
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

February 17, 2021

Welcome to the Community, vhw2020.

 

Normally, a deposit will show a debit to your Bank/Cash account and a credit to some other account which would be all normal entries. When creating a deposit, you'll have to select the account to what the transaction for and don't select the same bank as it will show both sides of debit and credit. You can add the money under Add funds to this deposit section, and select the correct account such as Asset, Expense, etc.

 

To fix the issue, I recommend checking the Transaction Journal by manually opening the transaction to see the movement of funds from one account to another through debits and credits. Then, delete the transaction which causes the incorrect entry. To understand more how the debits and credits work, see this article: How accounts are affected by debits and credits.

 

To learn about recording deposits, see this link: Record and make Bank Deposits in QuickBooks Online. It also includes a video tutorial for your visual reference.

 

Here are also some great resources on how bank deposits work with Undeposited Funds account which you may find helpful in the future:

Please know that I'm always available here should you have any additional questions or concerns. Feel free to comment below. Take care and have a great day.