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rock and roll
February 27, 2023
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I Paid from wrong business account Need to journal enter this

  • February 27, 2023
  • 1 reply
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I paid a vendor with wrong bank acct on QBO, I need to journal entry this in QBO and re-enter to correct Business acct on QBD, and do I still need to transfer the funds from wrong bank account to correct bank account? 

Best answer by DHeraV

Hello MichelleBHh  Thank you for this, question on this though. Since my QB's are not tied to a real bank, do I still need to have the boss transfer funds from one bank account A to the correct bank account B. OR keep in the wrong account it was taken out of and just do what you suggested with the check vs deposit slip. 


Hi there, @rock and roll.

I'm here to share information about dealing with incorrect bank account issues in QuickBooks. 

Since your QuickBooks are not tied to a real bank, you don't have to transfer funds to the correct account. You can directly perform the steps provided by my colleague @MichelleBh while keeping the account being used.

Moreover, I'll also share this link where you can search for articles that can serve as your reference to guide you on how to enter expenses, pay bills, write checks, and manage suppliers in QuickBooks: QuickBooks Online Expenses and Vendors Help Articles.

Feel free to leave a reply if you have additional queries about managing bank accounts in QuickBooks. The Community team always has your back. Have a good one!

1 reply

E
Ethel_A12
February 27, 2023

You can create journal entry to move the money to the correct account, @rock and roll.

 

I suggest consulting with your accountant before you begin this process. Your books won't get out of hand because you'll know which accounts to debit and credit.

 

  1. Click + New.
  2. Select Journal entry.
  3. From the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
  4. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
  5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
  6. Enter information in the memo section so you know why you made the journal entry.
  7. Select Save and new or Save and close.

 

Also, I have a link that you can read for additional guidance in moving funds between accounts: Transfer funds between accounts.

 

Don't hesitate to comment below if you need further assistance in transferring funds from one account to another. I'm always here to help. Have a great day.

    R
    rock and rollAuthor
    February 27, 2023

    Thanks so much, I'm very confused, our QBO is not connected to the actual bank, so do I still need to write a check from one account to the other?  As in Bank A was the wrong bank acct and I it should have came from Bank B, so does Bank A need to write a check to Bank B then? 

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