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Kviehe
Level 1

Deposit made in error

We made a deposit to our Business account instead of our personal account in error. How should I correct this in Quickbooks Online. I was thinking I would write a check to myself for the same amount but I wasn't sure how to categorize it in QB to make sure it doesn't cause a problem in the future. Thanks for any assistance.

2 Comments 2
john-pero
Community Champion

Deposit made in error

Personal funds placed into the business, such as this, is Owner Equity Contributions. When or if (unless you are a Subchapter S and equity doesn't apply but shares of stock does it would be a loan to the company) you repay yourself it is Owner Equity Withdrawal.  There is never a requirement to "pay" back your additions to your own business - or even to take a withdrawal if profitable. 

 

 

Candice C
QuickBooks Team

Deposit made in error

Good Morning, @Kviehe

 

It's always nice to see a new face here in the Community. If you manually recorded the deposit in QuickBooks Online, then you can delete the transaction and re-enter it. It's that easy. 

 

Note: Before following the steps below, I recommend consulting with your accountant to be sure. They'll be able to provide the best accounting advice for your business and help you make the right choice on how to record this issue. If you don't have an accountant, check out this link to find one near you. 

 

Delete the Deposit

 

  1. Go to the Accounting tab on the left-hand menu bar. 
  2. Select the Chart of Accounts section. 
  3. Locate the account and press View register under the "Action" column. 
  4. Click on the deposit once found and then press Delete

 

Re-enter the Deposit

 

  1. Go to the +New button on the left-hand side of your screen. 
  2. Under the "Other" section, pick Bank Deposit
  3. Enter all the required information. 
  4. Once done, tap Save and new or Save and close

 

It's a piece of cake! Learn more about recording and making bank deposits through this guide. 

 

Should you need any further assistance, don't hesitate to ask. Have a great day!

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