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A
AQCReno
July 5, 2021
Question

Adjust an expense to deduct an item (need to reconcile)

  • July 5, 2021
  • 1 reply
  • 0 views

Scenario: 

Went to hardware store, purchased tools, accidentally scanned a bottle of coke with the order. The total WITH the Diet coke was---> 297.68$

 

I deducted the diet coke & the taxes & entered in my expenses---> 294.86$

 

I am reconciling the account now, and the bank feed pulled the full amount of 297.68$ and that is exactly what I am short for a 0.00 balance.

 

What & where do I need to enter to fix the diet coke difference?

 

This is probably an easy solution however I am still learning. 

Thank you Kindly.

1 reply

N
Nick K
July 6, 2021

Hi AQCReno.

 

Making sure your account and bank feeds are correct is imperative when running a reconcile on your accounts. I can help you get this resolved.

 

QuickBooks Online makes reconciling your accounts easy by allowing you to download and match your transactions straight from your bank. In order to match this transaction in your QuickBooks Online account you can use one of the following ways. 

 

The first way you can do this would be to change the transaction to include the diet coke so it matches what you used on the credit card. The other way would be to leave the expense entered as is and record the amount of the pop against your business account and later reimburse it if that's what you intend to do. You can do this by following the steps in this link. You'll also want to exclude from the bank feed and manually reconcile the account. You can do so by following the steps in this article.

 

Regardless of which you choose I recommend reaching out to your accountant to find which is the best way to have this corrected in your account. If you don't have an accountant no worries, We can help with this. In your QuickBooks Online account you can go to: My Accountant>Find a pro to help to find one in your area.

 

If you have any questions feel free to reach out and we'd be happy to help!

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