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TomD451
May 11, 2024 3:26 PM UTC
Solved

Banking

quickbooks desktop: I closed a checking account and opened a new one and deposited the old balance into the new account. It shows as a deposit on my bank rec but there is no entry on the expense/payment side to offset this deposit.

JanbonNAnswer
May 11, 2024 4:54 PM UTC

Thanks for providing a detailed explanation, @TomD451. Allow me to guide you on how to offset the deposit.

 

Since you already created a deposit, we can create a check transaction. Here's how:

 

  1. Go to Banking and select Write Checks.
  2. In the BANK ACCOUNT dropdown, choose the old account.
  3. Click the Expenses tab.
  4. Under ACCOUNT, choose the new account. 
  5. Fill in the necessary details
  6. Click Save and close.

 

Then, reconcile the deposit and the check transaction.

 

Moving forward, you can use the Transfer Funds transaction for moving your funds. Doing so will create a money-in and money-out transaction for seamless transfer.

 

Additionally, ensure you reconcile your accounts regularly to keep them accurate and up-to-date.

 

Let us know if you have other questions about offsetting a deposit in QuickBooks Desktop. We'll be here to help you in any way we can.

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7 replies

JanbonNAnswer
May 11, 2024 4:54 PM UTC

Thanks for providing a detailed explanation, @TomD451. Allow me to guide you on how to offset the deposit.

 

Since you already created a deposit, we can create a check transaction. Here's how:

 

  1. Go to Banking and select Write Checks.
  2. In the BANK ACCOUNT dropdown, choose the old account.
  3. Click the Expenses tab.
  4. Under ACCOUNT, choose the new account. 
  5. Fill in the necessary details
  6. Click Save and close.

 

Then, reconcile the deposit and the check transaction.

 

Moving forward, you can use the Transfer Funds transaction for moving your funds. Doing so will create a money-in and money-out transaction for seamless transfer.

 

Additionally, ensure you reconcile your accounts regularly to keep them accurate and up-to-date.

 

Let us know if you have other questions about offsetting a deposit in QuickBooks Desktop. We'll be here to help you in any way we can.

TomD451Author
May 11, 2024 7:27 PM UTC

I followed your recommendation and when I went to do the bank rec on the new account the deposit amount appeared again on the right side under deposits and credits with no corresponding expense on the left to balance it out. This is the procedure that I followed:

1: Banking tab to Deposit - deposited from the old account to the new one.

2: Banking tab to Write a Check - Entered a check from the old account payable to the new account

 

IrizA
May 11, 2024 10:01 PM UTC

Thank you for following the steps provided by my colleague, TomD451. I know a way for you to balance your deposits and expenses. 

 

Since you already have a deposit transaction, then you already created a check transaction to offset your deposit, you can now put a checkmark and then proceed to Reconcile. Please know that the created check will be seen on the left side while the deposits will be seen on the right side. Kindly follow the steps below: 

 

  1. Go to the Banking menu. 
  2. Choose the Reconcile option. 
  3. Put a check mark right beside the transaction. 
  4. Once done, press Reconcile Now. 

 

You can also see the screenshots that I'll attach for more visual reference: 

 

 

Additionally, here's an article for you to make as a reference since it contains some information regarding reconciliation: Reconcile an account in QuickBooks Desktop. 

 

Furthermore, you can utilize this whenever you encounter some issues as you reconcile your accounts: Fix issues when you're reconciling in QuickBooks Desktop. 

 

If you have more questions regarding bank reconciliation or any QuickBooks-related concerns, the comment section or the Community is always available. We're always here, ready to provide the assistance you need. 

 

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