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DFMinc
Level 1

Deposit mistake

I am not an accountant, and I have discovered that I have not been entering things correctly and have many problems to fix that have occurred over several years, but the first problem I need to address first was a mistake I made on a deposit.  We had a donation of $50 through PayPal so we actually received $48.60.  I just realized that I listed the donation as $50 and the deposit as $50. Our donors are listed as "customers". Is there a way I can correct the entry on the donation (which is the "sales receipt" forms) and then also change the deposit amount? Thank you for your help!

3 Comments 3
MJoy_D
Moderator

Deposit mistake

I can help you in resolving this mistake with your bank deposit, @DFMinc.

 

You can resolve the difference by editing the bank deposit by adding the -$1.40 on the next line item. First, run a Deposit Detail report to see this deposit:

  1. Go to the Reports menu and select the Banking section.
  2. Find the Deposit Detail and click to run the report. 
  3. Click to open the deposit that you want to edit from the report. 

On the Make Deposits window that appears, click the next line item, set this under PayPal Expense Fee, and set the amount to -$1.40. This will now make the bank deposit show as $48.60.  

You can check this article for more information: Record and make bank deposits in QuickBooks Desktop. Also, the following article to know more about  Deposit Detail Report: Use Check or Deposit Detail Reports to show transaction links and mimic Cash Receipt Report

 

If you have any other concerns with your account and or follow-up questions with your bank deposit, let me know in the Reply section below. Take care and have a wonderful day!

DFMinc
Level 1

Deposit mistake

Thank you very much for your response.  I am sorry it has taken me so long to respond.  

 

I am running "Quick Books Premier Nonprofit edition 2014" and I was not able to get to the Make Deposit Window that way, but I did find it.  Thank you for including the picture! 

 

When we receive a donation through PayPal should I be listing the full amount of the gift when I log it in the Donations window and then make the correction in the Deposit Window each time as you showed? 

 

I am not sure how to make the PayPal Expense Account. I clicked new account. I then chose "Expense".

Do I choose Fixed Asset, Bank, Loan, Credit Card, Equity or Other Account Types after that?  Thank you.

JessT
Moderator

Deposit mistake

You're welcome, DFMinc!

 

It's okay. We're open 24/7. You can reply at your most convenient time.

 

Yes, you're right. If you need to record donations first, you'll enter the full amount and deduct the fees when you deposit it.

 

As for the fees, I would recommend consulting an accountant to get the correct advice on how to account for it. On our side, we can help and guide you on how to do things in QuickBooks, but we're unable to answer accounting questions.

 

Speaking of accounting transactions, we have a list of common accounts and their use, but it's still best to ask an expert if you want to clarify something.

 

If you still have more questions about recording your donation, please don't hesitate to go back to this thread. Have a good one!

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