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simtreasurer86
February 6, 2021
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Sales Receipt

  • February 6, 2021
  • 2 replies
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I discovered that a sales receipt was posted to the wrong bank account.  The accounts were reconciled two months ago.  How do I correct and what affect does it have to the accounts since it's been reconciled?

Best answer by Rustler

If a deposit was made to the wrong account, it is impossible to reconcile that account since that deposit will not exist on the bank statement. So unless you told QB to adjust it out, what happened is the question.

Any change to a reconciled entry means the whole recon has to be deleted and redone.

You need to find out what happened when you reconciled the account (how you or QB handled the erroneous entry), delete what happened, reassign the deposit the correct account, and then do the recon again (both accounts)

2 replies

Rustler
RustlerAnswer
February 6, 2021

If a deposit was made to the wrong account, it is impossible to reconcile that account since that deposit will not exist on the bank statement. So unless you told QB to adjust it out, what happened is the question.

Any change to a reconciled entry means the whole recon has to be deleted and redone.

You need to find out what happened when you reconciled the account (how you or QB handled the erroneous entry), delete what happened, reassign the deposit the correct account, and then do the recon again (both accounts)

R
Rileys Automotive
January 21, 2024

Based on this exact issue I have, can I delete all the bank reconcilations in QBO for that bank account and "start over completely" fixing the deposit referenced in error and then redo all my reconcilations? This is all for the current year so it won't affect my tax reporting.

 

J
JamesAndrewM
January 21, 2024

I appreciate you joining the thread and sharing your concerns. I see you encountered an issue with a transaction posted to the wrong bank account in QuickBooks Online. I'll share information that could help you get this done ASAP.

 

I recommend asking your accountant for help. They can guide you through the process and ensure everything is handled correctly. With your accountant's assistance, you can undo the reconciliations for the affected bank account in QuickBooks Online. It will allow you to make the necessary corrections to the deposit referenced in error.

 

After undoing the reconciliations, you can edit the wrong transactions on both accounts to show the correct information. It may involve reassigning the deposit to the correct account and ensuring that the accounts are balanced.

 

Once you've made the corrections, you can redo all the reconciliations for the affected bank account. It will ensure that your financial records are accurate and up to date.

 

I'm adding these articles you can use in the future:

 

 

With your accountant's guidance, you can correct the wrong transaction in your reconciliation. If you have more questions about reconciliation in QuickBooks Online, post them here in the forum. We're available 24/7 to answer each of your queries. Have a good one!

john-pero
john-pero
February 6, 2021

 If the bank accounts were properly reconciled each month then there must be equal postings that are in error. It had to be an errant assignment of sales when matching to your bank feed..

 

Reconciliation should never be completed when out of balance unless by mere pennies (and I will spend a day resolving 12 cents).

 

Your accountant user(s) can undo the past reconciliations for you so that you can edit the deposits or you can plunge in and edit the wrong transactions on both accounts, ignoring and accepting the warnings....and then run mini reconciliations to the same most recent recon date.

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