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KIosue
January 12, 2024
Question

How can I show an invoice as paid when it was accidentally paid from the wrong bank account?

  • January 12, 2024
  • 2 replies
  • 0 views

Hello!

 

I do bookkeeping for a client who has multiple QB files for multiple companies. An invoice that is usually paid via the Company that I am in charge of was sent to the person who is in charge of one of their other companies. That person decided to go ahead and pay the invoice just so that the payment wasn't submitted late. I then wrote that other company a check reimbursing them for the cost of the invoice. 

 

However, now I am stuck with an unpaid invoice in my QB file. I don't want to just delete it but I'm not quite sure how to track it/journal it properly. 

 

I hope that made sense. Any help would be greatly appreciated.

 

Thank you!

2 replies

AlverMarkT
AlverMarkT
January 12, 2024

Hi, @KIosue.

 

I can suggest a way to correct an invoice payment that was mistakenly paid from the wrong bank account in QuickBooks Desktop (QBDT) Mac.

 

Just a disclaimer, I'm only sharing the possible technical input on how we can achieve this. I recommend guidance from your fellow accountants while performing the steps below to ensure having accurate financial records. 

 

First, we need to set up a clearing account as a bank account in the Chart of Accounts.

 

  1.  Navigate to Lists, then Chart of Accounts.
  2. Click + at the bottom of the Chart of Accounts and enter information for the account.

 

Next, we can edit the written check to post to the clearing account. Then, we can write another check from the clearing account posting to Account's Receivable to select the correct vendor. 

 

When done, you can run reports to verify if the amounts reflect on the correct accounts. Let me add this article about customizing reports in QBDT Mac: Customize reports in QuickBooks Desktop for Mac.

 

We're always here in the Community should you need further assistance correcting invoice payments in QBDT Mac. We'll do our best to assist.

Rainflurry
Rainflurry
January 13, 2024

@KIosue 

 

There are a number of ways this can be accomplished.  Let's call the company that incurred the expense, Co. A, and the company that made the payment, Co. B. 

 

1)  In Co. B, there's no need to enter a bill.  The payment that was issued to the vendor should be assigned to an asset account.  You can do that by setting up Co. A as a customer and assigning A/R to the payment or create an other current asset account called 'Due from Co. A' and use that. 

 

2)  In Co. A, create a bank 'Clearing Account'.  Enter the vendor's bill and pay it using the bank Clearing Account.  Then, issue payment to Co. B and assign the bank Clearing Account as the expense account.  That will correctly record a bill under the vendor's account but issue payment to Co. B.  It will also zero out the Clearing Account.

 

3)  Assign the deposit in Co. B to the 'Due From Co. A' other current asset account or A/R, whichever asset account you used in step 1.  If you used A/R, don't forget to apply the payment to the "invoice" created by the payment.      

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