How do I enter a bank draft that was purchased and then not used

Hello sam1969,

Making sure you're recording your transactions the right way is a good exercise for keeping your books accurate. I'll be glad to steer you in the right direction so you can focus on doing the things you enjoy. 

To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on recording the expense transaction. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here.

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to help.

Hi Sam,

If this is just in and out in the same month, I will leave it out. 

But if you have these transactions in different months, just use uncategorized asset account. 

Did the bank charge you any fees?

Thanks

Prachi

The withdrawl and deposit are in the same month.  However the deposit includes other cheques.  So the withdrawl is $4000 and the total deposit is $7200 (including the $4000 draft) so what account should i enter the extra deposit to ($4000) so that it will not show up as income?  and yes there was a bank fee of $9 for the draft (but this is a separate entry in the bank feed)

Use ""uncategorized asset" account to enter the withdrawal.

Then enter the deposit as an uncategorized asset as well. Make another bank deposit with $3200.

Go to bank feed. Click on "Find match". Find these two transactions making a total of $7200. Save and close.