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bookkeeping.aqua
Level 2

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

 
10 Comments 10
jenop2
QuickBooks Team

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

Hi there, bookkeeping.aqua.

 

Can you tell us more details about your concern? I'd also like to clarify what you mean by "reversing a payment received from themselves"? This if for us to make sure we're giving you the right steps and information to sort this out.

 

Please reply to us to share more details. We'll get back to you as soon as we have more details. 

bookkeeping.aqua
Level 2

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

Wrote a cheque from checking to deposit into savings, but instead of depositing it into savings, it was deposited into checking, so wrote a check from account A and put it back into account A. So now looking for suggestions or advise on the entry's to sort this muckup. 

bookkeeping.aqua
Level 2

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

Wrote a cheque from checking to deposit into savings, but instead of depositing it into savings, it was deposited into checking, so wrote a check from account A and put it back into account A. So now looking for suggestions or advise on the entry's to sort / unwind this mess : (  

JamesM4
QuickBooks Team

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

Hi there. Thanks for elaborating. Recording your transactions the right way is essential for ensuring your books remain accurate. That said, I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. I'm here to steer you in the right direction.

bookkeeping.aqua
Level 2

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

I'm just volunteering for a non-profit. So thought that reaching out to the community would be able to provide some assistance : ( 

Accracy Accounting
Level 4

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

This is funny. Did the bank actually withdraw from Account A and deposit it back into Account A?

If the withdrawal and deposit is reflected on the bank statement, then just do:

 

Transfer

1) New > Create a Transfer

2) From > Account A

3) To > Account A

4) Enter Value

5) Save and Close

 

OR

 

Create a Cheque Payment

1) New > Supplier > Cheque

2) Bank Account > Account A

4) Add check number

5) Category: Account A

6) Enter Amount

7) Sales Tax: Exempt

Save and Close

bookkeeping.aqua
Level 2

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

Yes, the bank processed it... I guess someone there was also running shy of sleep and a lack of caffeine that day. I am immensely thankful and appreciative of your response.

 

bookkeeping.aqua
Level 2

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

PS - Quickbooks is smart enough to not allow a transfer from A to A.  Unfortunately the same does not go for myself or the bank : )  For clarification, I was making other deposits that day and forgot to pull this cheque out of the pile. Lesson Learned!! 

Trish_T
QuickBooks Team

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

Hi bookkeeping.aqua,

 

In QuickBooks Online, you can create a Journal entry to move funds between accounts, so your books balance.  

 

Should you have other questions, or concerns, I recommend speaking with an accounting professional. If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

Accracy Accounting
Level 4

How would one go about reversing a payment received from themselves? ie: wrote a cheque from A and deposited it into A (instead of from A to B).

We all had those days. Glad you found the response helpful

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