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Level 1

Funds Deposited to Incorrect Bank Account

Good day!

 

Need some assistance on how will I resolve the issue above issue. The company I am working with has a multiple bank account. I was reconciling bank transactions and I came across one cash deposit that was applied to incorrect bank account. I did my research and tried the ff. suggestion:

 

Chart of Accounts >> Select the account where the funds was incorrectly applied >> Edit >> and select the desired account where the funds was supposed to be applied.

 

However, this doesn't seem to work for me. I'm getting an error message that says:

"This transaction is matched to a downloaded transaction. If you want to change the account, you need to unmatch the transaction first."

 

I am not sure if its because initially the deposit hasn't been reconciled and is still sitting on the bank register? Need some help. Hope this makes sense.

 

Thank you.

 

3 Comments 3
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QuickBooks Team

Funds Deposited to Incorrect Bank Account

I appreciate the details you've given, @girlie16.

 

The error message that you received occurs when the transactions have been matched from the online banking. I can walk you through on how to unmatched it to accomplish your goal.

 

Let's get this started:

  1. Click on Banking.
  2. Select the blue tile for the account you want to review.
  3. Tap the Reviewed tab.
  4. Find the transaction you want to unmatch.
  5. Select the blue transaction link in the Added or Matched column to see the matched transaction.
  6. Click Undo from the Action column. The transaction will go back to the For Review tab.

Once done, you can now start editing the transaction so funds will be deposited into the right account.

 

To do that, please follow these steps below:

  1. Click on Accounting in the left pane.
  2. Select Chart of Accounts.
  3. Choose the incorrect account where funds are deposited.
  4. Click on View Register.
  5. Tap on Edit.
  6. Change the posting account, and click Save and close.
  7. Click Yes.

Also, I've added some resources below to give you more insights about this procedure:

This should get covered today, @girlie16.

 

Keep me in the loop if you on how things turns out. I'm always here to lend a helping hand if there's anything else you need. Take care!

Highlighted
Level 1

Funds Deposited to Incorrect Bank Account

Hi @BettyJaneB , 

 

I already unmatched the transaction and followed the steps however, after undoing the matched transaction, the deposit is still sitting on the For Review section. So i am unable to change the posting account.


One thing I noticed is when I add the transaction to remove it from the "For Review" section, it automatically adds another deposit entry to match the transaction. I am not sure if that's how QB's behave.

 

I have attached a screenshot of what i'm trying to work on.

 

Hope that'll help.

 

Thank you.

 

 

 

Highlighted
QuickBooks Team

Funds Deposited to Incorrect Bank Account

I appreciate your quick reply, @girlie16. Let me chime in and help you so we can get this matter resolved together. 

 

I couldn't find your attached screenshots. Anyhow, the experience you've shared after following my colleague @BettyJaneB advise are clear. And yes, that's ideally how QuickBooks behave.

 

As an overview, when you unmatched the transactions in the bank feeds, it will also unlink the cash deposit in the bank register. Hence, you can also exclude the cash deposit downloaded in the bank feeds instead. Then, let's manually edit that cash deposit and change the bank account in the chart of accounts. Here's how: 

 

Exclude transactions

 

  1. While you're still in the For Review tab, mark the checkboxes of the transactions to exclude.
  2. From the Batch actions drop-down, choose Exclude Selected

Excluded transactions are moved to the Excluded tab. It won't be tracked nor reported as part of your business finances anymore and will not appear in any associated account registers or reports. 

 

Now, to move the incorrect funds to the correct bank account, let's manually edit the bank deposit and change the posting account. Here's how:

 

  1. Go to the Accounting tab in the left menu. 
  2. Choose Chart of Accounts
  3. Find the account where you deposited the funds incorrectly. 
  4. Click the View register in the Action column.
  5. Select the transaction you want to edit to open the fields. 
  6. In the Deposit to drop-down list, change the posting account.
  7. Click Save and close.

 

For more information, you can also refer to our help article and learn how to add or edit transactions in a register

 

I can see that you're in the middle of reconciliation when you came across this issue. Read through the reconciliation hub. It surely a great help in case you encounter any problems in the future.   


Let us know how it goes. I'd be excited to know it works. If it didn't, we're always here to support. 


 

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