Skip to main content
T
TJScott
April 11, 2023
Solved

Void a check from last year, taxes already filed

  • April 11, 2023
  • 1 reply
  • 0 views

I wrote a check last year that was deducted on our tax return as an expense. The check was for $250. The bank read it as $250.50. So I have two entries for the same expense. I can void the check easily enough.

 

Keeping thing honest without filing two amended tax returns, our 1120S and 1040. How do I record a credit for that account for this year's tax return? 

 

I'm thinking journal entry, but not looking to debit one account, credit another. Just looking to credit last year and debit this year. 

 

Thanks! 

Best answer by Rainflurry

@TJScott 

 

You can make a journal entry but it's easier to make a deposit in QB for the duplicate expense.  Deposits create a journal entry that debits the selected bank account and credits the account you select under 'Account'.  Make a deposit (dated this year) and assign it to the same expense account that was overstated last year.  That will debit (increase) your bank account and credit (reduce) your overstated expense.  Then, when you reconcile your bank account, this deposit can be cleared against the duplicate expense payment.

1 reply

Rainflurry
RainflurryAnswer
April 12, 2023

@TJScott 

 

You can make a journal entry but it's easier to make a deposit in QB for the duplicate expense.  Deposits create a journal entry that debits the selected bank account and credits the account you select under 'Account'.  Make a deposit (dated this year) and assign it to the same expense account that was overstated last year.  That will debit (increase) your bank account and credit (reduce) your overstated expense.  Then, when you reconcile your bank account, this deposit can be cleared against the duplicate expense payment.

    T
    TJScottAuthor
    April 14, 2023

    That worked perfectly. Thank you! 

    Terms & ConditionsAccessibility statement