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Prestige11
December 27, 2019
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Reconcile

  • December 27, 2019
  • 1 reply
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Hi -

I need help on how to enter this transaction in quickbooks:

 

I mailed a check to a vendor, they did not get this check, so I called the bank to stop payment on this check, and paid the vendor EFT online. On the bank statement it shows the check on checks paid, but its also listed on the deposit and additions on the statement. I'm a bit confused as to how I should enter this in Quick books. 

On the bank statement on Deposits and additions it shows the amount as Reversal of check, on the checks paid on the bank statement shows the check like it was cleared.

 

 

 

Thanks

Best answer by Kayla H

Hello, @Prestige.

 

 

Yes, that is correct. You would deposit the reversal of the check since it reflects as a deposit on the bank statement.

 

To record a deposit in QuickBooks:

 

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine. Then  OK.
  3. In the Make Deposits window, from the Deposit to drop-down menu, choose the account you want to put the money into.
  4. Deposit total and selected payments match your deposit slip. Use your deposit slip as a reference.
  5. Enter the date for the deposit.
  6. Add a memo as needed.
  7. When you're ready, select Save & Close.

 

Please visit Record and make bank deposits in QuickBooks Desktop for more detailed information.

 

If you have any further questions please reach back out, I'm just a click away.

1 reply

katherinejoyceO
katherinejoyceO
December 27, 2019

Hello @Prestige, 

 

Thanks for visiting the Community. Glad to know you're able to contact the bank to put a stop payment on the check. I'd suggest you contact your bank to verify the transaction on your statement. 

 

Once reversal is confirmed, you don't need to record that in QuickBooks. Instead, use the Pay bills feature to record the payment for your vendor that's processed through EFT online.

 

Follow these steps below if you've entered a bill for this vendor in QuickBooks to make sure it's paid. Here's how:

 

  1. In the Vendors menu, select Pay Bills.
  2. Select the appropriate Expense account from the A/P Account drop-down.
  3. Mark the checkbox from the checked column to select the bills you want to pay from the table.
  4. Enter the payment date.
  5. Select Check from the method drop-down, then choose Assign Check number and enter EFT as the type of payment.
  6. Click Pay Selected Bills. 

 

Review the information when the Payment Summary window appears. Click Done when completed.

 

If you haven't entered a bill for this vendor, you can write a check to record the (expense) payment. 

 

For future reference, read and learn about recording your payables in QuickBooks Desktop. Check out this article: Enter bills. It guides you through creating a bill for the products or services provided by a vendor. 

 

Should you have more questions about QuickBooks, feel free to message again. We're always delighted to help. 

P
Prestige11Author
December 27, 2019

Hello,

 

Thank you for taking the time to reply :)

 

I guess my question is how do i enter the Reversal of Check for the reconcile. I don't want it to show as income, since it was a payment made to a vendor. Would I need to enter a deposit for the reversal of the check since it shows as a deposit on my bank statement.

 

 

Kayla H
Kayla HAnswer
December 27, 2019

Hello, @Prestige.

 

 

Yes, that is correct. You would deposit the reversal of the check since it reflects as a deposit on the bank statement.

 

To record a deposit in QuickBooks:

 

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine. Then  OK.
  3. In the Make Deposits window, from the Deposit to drop-down menu, choose the account you want to put the money into.
  4. Deposit total and selected payments match your deposit slip. Use your deposit slip as a reference.
  5. Enter the date for the deposit.
  6. Add a memo as needed.
  7. When you're ready, select Save & Close.

 

Please visit Record and make bank deposits in QuickBooks Desktop for more detailed information.

 

If you have any further questions please reach back out, I'm just a click away.

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