cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

ATM/Bank Deposit Error Due to check discrepancy

How do you properly record and track the following scenario. 

‘A check was received with a numeral amount of $895.00 but a handwritten amount of $800.95. It was not caught before depositing in the bank. The deposit transaction posted for the $895 but a day later the bank made an account correction and had an expense transaction for the $94.05 discrepancy. The check was entered as a payment for the $895. How do I correctly track this discrepancy? I have not recorded the deposit in qbo yet. 

4 Comments
Moderator

Re: ATM/Bank Deposit Error Due to check discrepancy

Hello there, @A-1 Rob.

 

Thank you for posting in the QuickBooks Community. For me to better assist you, I'll need more information about your concern.  

 

May I ask what's the amount that has posted on your bank page? Also, what is the $94.05 discrepancy amount for?

 

Any other details would be helpful too.  

 

Just leave a comment below, and I'll get back in this thread to help you out. Have a great day.

Not applicable

Re: ATM/Bank Deposit Error Due to check discrepancy

The check was had the numerals $895 but written on the check was “eight hundred and 95/100”. The discepany wasn’t caught prior to depositing. The bank initially posted for the $895 and a day later posted an charge to the account to “correct” the amount by deducting 94.05 to bring the balanace down to $800.95. Hopefully this provides some clarity

Not applicable

Re: ATM/Bank Deposit Error Due to check discrepancy

The check was had the numerals $895 but written on the check was “eight hundred and 95/100”. The discepany wasn’t caught prior to depositing. The bank initially posted for the $895 and a day later posted an charge to the account to “correct” the amount by deducting 94.05 to bring the balanace down to $800.95. Hopefully this provides some clarity

Moderator

Re: ATM/Bank Deposit Error Due to check discrepancy

Greetings, @A-1 Rob.

 

Thank you for getting back with me and for providing more information about your question. I'd be happy to help share on how you can track the discrepancy in QuickBooks Online. 

 

You can create a Journal Entry to link the $895 and $94.05 in QuickBooks Online. 

 

Here's how:

  1. At the right, click the Plus icon.
  2. Select Journal Entry.
  3. Enter the transaction date in the Journal date field.
  4. You can enter a journal number to help identify the transaction in reports.
  5. Enter the journal entry details.
  6. Continue to enter distribution lines until the sum of the Debit column entries equals the sum of the Credit column entries.
  7. Click Save

For more detailed steps and information, please check this article: Create a journal entry.  

 

After that, you can apply the deposit correctly by matching it to the correct check.

 

Here's how:

  1. On the left pane, select Banking.
  2. In the For Review tab, find and select the deposit.
  3. Click the Find match option. However, if there is a POSSIBLE MATCH for this transaction, you can click the Find other matching transactions button instead.
  4. In the Match Transactions window, type text to help you find the transaction: a name, part of a name, an amount, etc.
  5. When you find the item you're looking for, click the checkbox in the list on the left of the date.
  6. Click Save.

For more information, check this out: How to add and match downloaded banking transactions.

 

I also recommend consulting your accountant to make sure the correct accounts are used in creating your journal entries. Your accountant can provide more expert advice about this to make sure your books are recorded correctly.

 

If you need additional help, feel free to reach out to our phone support to assist with the process.  

 

That should do it. You're welcome to drop a message below if you have additional questions about this. I'll be happy to help you out.

Need to get in touch?

Contact us