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E
EyerisEye
February 8, 2022
Question

deposit error reconciliation

  • February 8, 2022
  • 1 reply
  • 0 views

We made an error with a cash and cheque deposit resulting in a $5 overage. The bank did not catch the discrepancy, we have now reported the discrepancy to the bank for correction.

 

How do we reconcile the overage with the transaction and the bank and make month end balance?

 

For a clearer picture, we accepted a cheque for  $762.50 for payment on a transaction. However deposited in error into the bank $767.05. How do we account for the overage but still balance until the correction or reversal is applied at the banks end?

 

Thank you for your help.

1 reply

N
Nick K
February 10, 2022

Hi EyerisEye.

 

Being able to properly reconcile your accounts is the key to good bookkeeping and having accurate accounts. I'd be happy to help you get your account reconciled with the overage.

 

In order to properly reconcile this overage you'll need to exclude that bank transaction and manually reconcile it in your QuickBooks account. In order to exclude the bank feed you'll need to follow these steps:

 

  1. Go to the Banking menu or Transactions menu, then select the Banking tab.
  2. Select the For Review tab.
  3. Select the checkbox of the transactions to exclude.
  4. Select Exclude.

Once you exclude the transaction you'll have to manually reconcile the account. If you run into any issues when manually reconciling the accounts I recommend reaching out to your accountant as they're trained in how to do this. If you don't have one you can find one in your area to help by going to: My Accountant>Find a pro to help.

 

If you have any questions let us know and we'd be happy to help.

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