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patrick3
Level 2

Bank Error in My Favor!

I made a deposit that included a $50.00 money order, but the bank teller recorded it as $500.00.  So the deposit amount was $450.00 higher than it should have been, but I didn't notice it until later.

 

So now, I have a deposit in QBO that does not match the bank statement.  How do I record that in QBO so the deposit will match as well as the transaction when the correction is made and they take the $450 back out of my account?

Solved
Best answer March 03, 2021

Best Answers
AlexV
QuickBooks Team

Bank Error in My Favor!

Hi patrick3!

 

Let me join this thread so I can share more details on how to record this bank error in QuickBooks Online.

 

Yes, you can add the $450 in the Add funds to this deposit section when recording the deposit. This way, it'll be matched to your last month's bank statement. Once your bank corrected it, you can record the money out as an expense transaction.

 

Need help in handling bank transactions? Check these links:

 

I'll be here if you need anything else. Keep your posts coming.

View solution in original post

3 Comments 3
Joesem M
QuickBooks Team

Bank Error in My Favor!

I'm here to guide you on how to record this deposit, @patrick3.

 

You can record the bank deposit as a normal transaction. Then create a negative amount in the second line item so can be matched to the $450 deposit in case it will remove. Let me guide you how:

 

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.
  4. On the first line of your deposit enter the 500 amount and the necessary details.
  5. On the second line enter the -50 in the amount column and fill in its details.
  6. Use your deposit slip as a reference.
  7. Select Save and close or Save and new.

jm.PNG

 For more details, check out this article: Record and make bank deposits in QuickBooks Online.

 

In case you need help reconciling the bank account after dealing with the deposits. Feel free to take a look at this article for a guide: Reconcile an account in QuickBooks Online.

 

I'll be around in case you need further assistance in making a deposit or any other question with QuickBooks. Feel free to drop a comment below, and I'll be sure to get back to you.

 

 

patrick3
Level 2

Bank Error in My Favor!

I probably should have provided more details.

 

The deposit consisted of 6 different money orders from the Undeposited Funds account that had each been applied as payments to various tenant accounts.  So the $450 should not be applied to the tenant's account since he did not make that payment. 

 

I talked to the bank today and the deposit amount is going to be corrected.  But the error occurred last month and the correction will occur this month.  So I need to be able to reconcile last month's bank statement as well as this month's.

 

So should I just add the $450 to the "Add funds to this deposit" section of the deposit and then create an off-setting expense for today using the same account?

AlexV
QuickBooks Team

Bank Error in My Favor!

Hi patrick3!

 

Let me join this thread so I can share more details on how to record this bank error in QuickBooks Online.

 

Yes, you can add the $450 in the Add funds to this deposit section when recording the deposit. This way, it'll be matched to your last month's bank statement. Once your bank corrected it, you can record the money out as an expense transaction.

 

Need help in handling bank transactions? Check these links:

 

I'll be here if you need anything else. Keep your posts coming.

View solution in original post

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