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Dependable9276
August 9, 2022
Question

Entering incorrect EFT made to us.

  • August 9, 2022
  • 1 reply
  • 0 views

An EFT was made to our bank account incorrectly and will be reversed by the bank.  How do I enter this in Quickbooks or do I ignore it as it will be a wash even though it might span two periods (deposited this month, reversed next month)?

1 reply

A
Alex M
August 9, 2022

Hi there Dependable9276,

 

It's vital that all your transactions are correctly entered so your books can be well balanced. QuickBooks Desktop is a great tool able to help you keep track of the money movement in your accounts so you can get a bigger picture of the financials for your company. I can point you in the right direction for assistance. 

 

In order to record this money movement, you'll need to record two opposite transactions affecting the same accounts. An example would be a sales receipt and a customer refund, with both affecting the same account, so that the money leaves the bank account and then comes back. In order to know which transaction types should be used as well as which accounts to affect, I recommend speaking to your accountant. They'll be able to use their accounting knowledge and experience in order to guide you to represent this money movement correctly in your books. If you'd like to find an accounting professional near you that has experience using QuickBooks software, you can check out our Find an Accountant page.

 

If you have any other questions, feel free to reach out here.

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