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vick467
May 10, 2019
Question

cheque deposited in bank which we were not suppose to.

  • May 10, 2019
  • 2 replies
  • 0 views

An employee filed a claim with WCB. His claim's cheque came in the name of Company instead of the employee and that cheque was deposited in the company's bank account. Now I have to pay the employee but I am not sure how would I balance the accounts in QuickBooks. What is the best way to do the entries?

 

2 replies

AddieC
AddieC
May 10, 2019

Hi there, 

 

The answer to this question would depend on which version of QuickBooks you're using, and you've tagged both on your post. Are you using QuickBooks Online, or QuickBooks Desktop?

 

Please let me know, and we'll go from there.

V
vick467Author
May 10, 2019

So sorry its for QB desktop

L
LauraAB
May 10, 2019

Hi vick467,

 

I'll do what I can to help you from here. Making a transaction for the payment received to your account may take a bit of accounting knowledge as it may require setting up an account to clear it. I recommend speaking with an accountant to find the best way to do this so that everything is balanced properly in your books. Accountant users here in community may have some insight as well and be able to share with you in their responses.

 

Once you have the payment recorded in QuickBooks Desktop, you should be able to simply use the Write Checks feature to allocate the appropriate amount out to your employee. Learn about the writing cheques here: Create, modify, and print checks.

 

If you're in need of an accountant and would like one familiar with QuickBooks Desktop, use the Find a ProAdvisor tool to search using your city or postal code. There are filters you can use on the list that populates to find out more.

 

I hope that helps. Enjoy your weekend!

R
Rochelley
May 17, 2019

Simply write a cheque to the employee, debiting the same account that you credited when you deposited the WCB cheque.  You must have put it some income account, or even against an expense account to reduce expense; just reverse whatever you did so you'll have a net effect of $0.00 between the two transactions.

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