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GingerMama
New Member
September 9, 2026
Question

How to Record Funds Coming into Account (pls read - unusual situation)

  • September 9, 2026
  • 9 replies
  • 73 views

Hi everyone!

Any help would be appreciated.

A duplicate payment for HST was sent from one of our company accounts (company A).  As it was an overpayment, the money was then sent back.  For some unknown reason, the money that came back was sent to the wrong company account (company B).  What we had to do then was EFT the money from company B back to company A to put it back where it was supposed to have gone.  Can someone tell me how I would record that in QuickBooks?  These 2 accounts are separate companies entirely and QuickBooks is only used for company A.

Thank you!

9 replies

Lolly_NCQuickBooks Team
QuickBooks Team
September 9, 2026

You can create a bank deposit to enter the refund. Since QuickBooks Online is only used for Company A, record only what happened in this company's bank account. The movement of funds through Company B does not need to be entered. Here's how:

 

  1. Select the + Create button at the top of the navigation bar.
  2. Under the Other heading, select Bank Deposit.
  3. From the Account dropdown at the top, select the Company A bank account where you received the EFT.
  4. Go to the Add Funds to This Deposit section.
  5. In the Account column, select the sales tax liability account used for the original payment.
  6. Enter the refunded amount in the Amount column.
  7. Add a memo, such as "HST overpayment refund returned via EFT from Company B."
  8. Select Save and close.

 

This records the money entering Company A's bank account and correctly offsets the HST liability. For a detailed guide to managing your transactions, review this article: Record a refund for an overpayment or credit in QuickBooks Online.

 

If you have any other questions about managing your bank transactions in QuickBooks Online, please leave a reply below.

GingerMamaAuthor
New Member
September 10, 2026

Thank you Lolly_NC!  I will try this today.  The HST has been paid from this account every month since the new fiscal year started April 1 however, it was only filed in QB (desktop) on April 1 and hasn't been filed in QB since (old bookkepper left).  I have to go back and file it in QB for each month since then and do the bank rec’s for each of those months.  Going back and filing the HST in QB after the fact shouldn’t pose any problems I assume?  The HST has been paid for the missed months already but the bank rec’s remain unreconciled at this time.

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