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Experienced Member

Deposit clean up

I have over $5k in deposits from 2018 & 2018 from payments of invoices.  In Jan 2018 we changed banks and were no longer using our previous bank.  I believe the 2017 deposits wen into our old acct.  The 2018 deposits may have been deposited into other accts that are the owners personal acct as they don't show in the 2018 current bank statements.  How do I remove these from the deposit screen correctly?

3 Comments
BRC
Established Community Backer ***

Re: Deposit clean up

To get them to go away, you have to deposit them.  Mirror what happened in the real world.

Experienced Member

Re: Deposit clean up

Should I set up a dummy bank acct since I don't know which acct these deposits actually went into?

QuickBooks Team

Re: Deposit clean up

Hello there, Rena3.

 

Thanks for doing a follow up. I'd be happy to share additional insights on how to remove deposits from your accounts. 

 

Let's set up a clearing account. Doing this helps move money from one account to another account. I'll show you the steps on how to do it below:

  1. Go the Lists menu located at the top.
  2. Click Chart of Accounts.
  3. At the bottom of the page, click on the drop-down for Account and select New.
  4. Click the radio button for Bank, then choose the Continue button.
  5. In the Account Name field, enter Clearing Account. (Don’t enter an opening balance).
  6. Click Save & Close.

Once done, you can create a Journal Entry and apply the clearing account.

 

Here's how:

  1. Create a journal entry.
  2. Add the AR or AP from which you are moving money.
  3. Add the Clearing account.
  4. Save the Journal Entry.
  5. Create a second Journal Entry.
  6. Add the Clearing Account.
  7. Add the AR or AP account to which you moving money.
  8. In either Pay Bills or Receive Payments, link the Journal Entries together.

Here's an article for more information about setting up a clearing account in QuickBooks Desktop: Set up a clearing account.

 

However, I'd suggest consulting an accountant to help and guide how to record these work. Your accountant can provide more expert advice in dealing with this concern.
 

If there's anything I can further assist you with, please let me know. I'm always here to help you out.