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llm050
Level 1

How do I correct a deposit that was deposited in error?

I accidentally deposited the check to my business account when it should have gone into my personal account.
8 Comments 8
MichelleBh
Moderator

How do I correct a deposit that was deposited in error?

Hi there, @llm050.

 

I can help walk you through the steps of how to fix the check that is deposited to the wrong account in QuickBooks Online (QBO).  

 

Let's go to the view register to edit the check you've previously deposited. 

 

Here's how: 

 

  1. Choose the Accounting tab, then pick Chart of Accounts
  2. Locate the business account, then hit View register
  3. Click the check and tap Edit
  4. In the Account drop-down, select the personal account. 
  5. Hit Save and close

 

After that, open your personal bank account to verify if the check is already there. 

 

 

You can also check these great resources that can help you with managing your COA, deposits, bank feeds, and other relevant topics. 

 

 

Let me know if you have more questions. I'm always here anytime you need help. Take care!

llm050
Level 1

How do I correct a deposit that was deposited in error?

Thanks for the reply. However, my personal banking account is not connected with QB's. So I cannot post it. 

MichelleBh
Moderator

How do I correct a deposit that was deposited in error?

Thanks for the quick reply, @llm050.

 

I'm here to ensure you can transfer the deposit to your personal account in QuickBooks Online (QBO). 

 

Since the personal account is not connected to QBO, I'd suggest depositing the amount to the Owner's Equity. But before doing that, let's delete first the wrong deposit. Simply go to your business account, then delete the transaction.

 

 

After deleting, please follow the steps below. 

 

  1. Go to the New icon, then choose Bank Deposit. 
  2. Choose the customer's name in the Received from the drop-down.
  3. In the Account box, select Owner's Equity. If you don't have it yet, click the +New
  4. Complete the Payment method, amount, etc
  5. Hit Save and close.

deposit.PNG

 

Then right after, create an Expense transaction to return the money to your personal account. 

 

Here's how: 

 

  1. Choose the + icon, then select Expense
  2. Pick the Payee name in the drop-down.
  3. Complete the Payment account, method, and date
  4. In Category, choose Owner's Equity
  5. Enter an amount. 
  6. Tap Save and close.

 

Also, you can always run the quick reports by clicking the drop-down arrow beside View Register. This way, you can review your data, then customize it to show the specific details. See the sample screenshot for your guidance. 

 

 

Additionally, I've added articles about the How do I question in QBO: Help Article

 

Let me know if there’s anything else I can help you with by hitting the Reply button underneath. I’ll be right here to assist further. Enjoy the rest of the day. 

DanceBC
Level 1

How do I correct a deposit that was deposited in error?

Hello, thank you for the information. If I have this situation, however if I delete the transaction it will affect the reconciliation of the month for that account. 

DanceBC
Level 1

How do I correct a deposit that was deposited in error?

bank account*

Candice C
QuickBooks Team

How do I correct a deposit that was deposited in error?

Good afternoon, @DanceBC

 

It's great to see you back in the Community. I can provide you with some information to help you out. 

 

Since the transaction is already reconciled, all you would need to do is undo the transaction from the reconcile and then delete it. 

 

Here's a guide that will give you details instructions on how to do this action successfully in your account: Undo or remove transactions from reconciliations in QuickBooks Online

 

Come back if you have any other questions or concerns about your account. I'm only a post away if you need me. Take care!

DanceBC
Level 1

How do I correct a deposit that was deposited in error?

I think I need to explain me better. 

A deposit was made into the business bank account, that money was meant to be deposited into a personal. 

the deposit made it to the banking transaction feed. now I have an statement with that deposit. however once it was realized it was in the wrong account. money was moved, taken out of that account in different months. 

Creating a Journal to even those balances is an option? 

RoseJillB
QuickBooks Team

How do I correct a deposit that was deposited in error?

Thank you for your prompt reply, @DanceBC.

 

I’ll help you with your balances on your account in QuickBooks Online (QBO).

 

We can enter the bank deposit to the correct account, and create a check to the same affected account to balance it. I’ll show you how:

 

To create a bank deposit:

 

  1. Click the + New button.
  2. Select the Bank Deposit.
  3. Choose the correct account where you want to put the money from the Account dropdown.
  4. Click Save and close or Save and new.

 

To write a check to the same account:

 

  1. Click the + New button.
  2. Select Check.
  3. Choose the Payee from the dropdown.
  4. Select the account from which you withdraw the money in the Bank account dropdown.
  5. Complete the checks fields.
  6. Click Save and close.

 

Take note that to balance the account, you’ll want to ensure that you selected the same account when depositing and withdrawing the money.

 

For future reference, I added the following articles to match and categorize your transactions and reconcile your account.

 

Let me know if you have further questions about your banking transactions. I’ll be delighted to get back and assist you. Stay safe!

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