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PBG
Level 2

How do you process money credit and debited by mistake the same day in your bank account? What is the account which you use in QBO?

 
5 Comments 5
Kendra H
QuickBooks Team

How do you process money credit and debited by mistake the same day in your bank account? What is the account which you use in QBO?

Good Morning, @PBG.

 

I'm glad you're reaching out to the Community. I'm here to help and share some insight on how to process money credited and debited by mistake on the same day.

 

Normally, when you're entering bank deposits, QuickBooks creates these debits and credits automatically. It does this for every transaction. You can look at how the transaction was moved through the process of coming over into your account and here's how:

 

1. Select the bank transaction you're needing to view.

2. Click More.

3. Choose Transaction Journal.

 

Once you have opened up that window, you'll see which accounts your transaction is going to.

 

Also, I'm going to include a link below that provides some more information about why debit and credits are entered and some more additional information as well:

QuickBooks Online Debit and Credits

 

I'd also reach out to your accountant about this matter just to be sure that you're using the correct account when making deposits to your bank.

 

If you have any other concerns, I'm always a comment away. Have a great rest of your day!

PBG
Level 2

How do you process money credit and debited by mistake the same day in your bank account? What is the account which you use in QBO?

Thank you @Kendra H 

 

for reaching out to me. My question is about a money transfer made to our bank account and then it was debited again, no explanation from the bank though. So, my question is how do you record this money in/ money out in QBO, which account do you use?

Candice C
QuickBooks Team

How do you process money credit and debited by mistake the same day in your bank account? What is the account which you use in QBO?

Hello, @PBG.

 

Thanks for reaching back out to us and giving an insight on your matter. I can help you with recording a money transfer within your QuickBooks account. 

 

Using the Transfer feature is the easiest way to record a transfer of funds. Here's how: 

 

1. Select the +New button.

2. Under the column Other, click Transfer.

3. From the Transfer Funds From drop down list, choose the bank account that the funds are coming out of.

4. Then from the Transfer Funds To drop down list, pick the bank account the funds are being deposited into. 

5. In the Transfer Amount field, enter the amount being transferred. 

6. Edit the Date desired.

7. Press Save and close or Save and new

 

Now you've recorded a transfer. Also, since you're having trouble with which account(s) you should use, I recommend consulting with your accountant so that you can get the proper solution. If you don't have an accountant, here's an option that you may be interested in: 

 

 

Remember, I'm only a click away if you have any further questions. Have a great Monday!

 

PBG
Level 2

How do you process money credit and debited by mistake the same day in your bank account? What is the account which you use in QBO?

Thank you @Candice C ,

 

I'm not sure how your answer can be applied to our situation. This is a transfer deposited in our account and then withdrawn back, all done from the bank. From what I've  read some people use Suspense account. Does anyone know if this is a good solution?

RCV
QuickBooks Team
QuickBooks Team

How do you process money credit and debited by mistake the same day in your bank account? What is the account which you use in QBO?

Thanks for coming back. Let me help you with recording your money out and money in transaction in your bank account, PBG.

 

To track the money out transaction, you can create an expense in QuickBooks Online.

 

Here's how:

 

  1. Click the + New button on the left side menu.
  2. Select Expense.
  3. In the Payee field, specify a vendor. You can specify the name of a person or a business. If your transaction covers multiple petty cash expenses, leave this field empty.
  4. Choose the Payment account to which to credit this expense.
  5. Enter the Payment date and specify the Payment method for the expense.
  6. Type a description of the expense.
  7. In the Category column, choose the posting account. Then, enter the amount.
  8. Hit Save and close.

For more details about expenses, you can check out this article: Enter, edit, or delete expenses in QuickBooks Online.

 

Then, create a bank deposit to record the money in transaction to your bank account. For the steps and details, just follow the steps in this article: Record and make Bank Deposits in QuickBooks Online.

 

To know the accounts you'll need to use when creating an expense and deposit, it would be best to get in touch with your account. 

 

Feel free to reply to this thread if you need a hand with managing your money in and money out transaction. I'm always here to help. 

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