I received a deposit in my bank account which wasn't mine, how do l address this in QuickBooks?

Hi jillbroomhall,

If you have received a deposit that was not intended for you, you can add it using an adjustment or clearing account and add a note to the transaction to indicate what the deposit was for. This way, your bank reconciliations won't be impacted as they would be if you were to exclude the transaction altogether.

1. Go to the Settings icon (top right), then select Chart of Accounts.
2. Select New.
3. From the Account Type drop-down, choose Cash and Cash equivalents.
4. From the Detail Type drop-down, choose Cash and Cash equivalents.
5. Give the account a name, eg 'Adjustments' or 'Clearing' - whatever works best for you.
6. Select Save and Close.

Now you can use this to categorise the transaction:

1. Go to the Banking tab.
2. Select the transaction to expand the details. Select the account from the Category dropdown and select the Tax Code 'Out of Scope'.
3. Add a memo if required, eg 'incorrectly received deposit', then select Add.

If returning the deposit, you can also use those steps to categorise the refund to the same account. Feel free to reply if you have further questions as I'm here to help!

-Kass