Quickbooks Desktop is THE way

Online: I'd say yes, likely many.

#TeamQuickbooksDesktop ftw!!!

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How should I record it if the funds are not recovered?

Thank you for participating in this thread, Acct2955. I'm here to help you record the funds that have not recovered yet.

You can create an expense transaction, and I'll be glad to walk you through the process.

Here's how:

1. Go to the +New button and select Expense.
2. Fill in the other necessary details.
3. Save and Close.

We can save the expense transactions even without a vendor. All we have to make sure is that we've selected the correct expense account for fraud and the affected bank.

In addition, I'd recommend reaching out to your accountant when editing your books. They know the proper steps to go about it and prevent unwanted inaccuracy.

You can check this article on how to use different reports and projections to get a clear look at your business finances: Use reports to track cash flow in QuickBooks Online.

Feel free to get back if you have any other concerns about recording your transaction. Don't hesitate to comment below. Stay safe.