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Frequent Explorer **

How to correct mistake?

At the the time of deposit we made a mistake giving less money to the teller then it was writing on a deposit slip. The slip was entered in the bank account, but then when we left and they recalculated money, they added another transaction subtracting those $200. So now how do we enter all this in quickbooks? Because the info from the slip already went to different accounts of our income. How do we fix now this $200 difference? Thank you!

Solved
Best answer 01-10-2019

Accepted Solutions
QuickBooks Team

Re: How to correct mistake?

Hello Holy Lady of Kazan, and thank you for the screenshot.

 

I'd like to jump in to the thread.

 

In this scenario, you can create a journal entry. You'll credit $200 from the bank account and debit a total of $200 to the 6 income accounts. The amount for each income account should be based on the original transaction. Example: If income account 1 contributed $60 out of $200, then you'll enter $60 for it. Please let an accountant review the entries.

 

You can then match the $200 bank feed transaction to the journal entry in your bank register.

 

Please come back here if you have other questions.

8 Comments
Moderator

Re: How to correct mistake?

I want to clarify a few things so I can have a clearer view of what's happening, Holy Lady of Kazan.

 

How did you record the $200.00 amount? What are the affected accounts of the deposit and the other transaction ($200.00)? What steps did you take so far?

 

Any additional details and screenshots would be much appreciated. Thanks in advance!

Frequent Explorer **

Re: How to correct mistake?

$200 is still in the transaction list at Bank Feed (file was downloaded manually from the bank), I did not do anything with it yet.

But I already approved the deposit of six donations entered into six different income accounts.

This is where I am so far.

Frequent Explorer **

Re: How to correct mistake?

And screenshots...200_1.jpg

QuickBooks Team

Re: How to correct mistake?

Hello Holy Lady of Kazan, and thank you for the screenshot.

 

I'd like to jump in to the thread.

 

In this scenario, you can create a journal entry. You'll credit $200 from the bank account and debit a total of $200 to the 6 income accounts. The amount for each income account should be based on the original transaction. Example: If income account 1 contributed $60 out of $200, then you'll enter $60 for it. Please let an accountant review the entries.

 

You can then match the $200 bank feed transaction to the journal entry in your bank register.

 

Please come back here if you have other questions.

Frequent Explorer **

Re: How to correct mistake?

Hi Jess,

thank you for your reply. Just let me ask to make sure I got it correctly (before my mind blows): by “credit $200 from the bank account” you mean to increase, add $200 there? And by “debit a total of $200 to the 6 income accounts” you mean to substract from them? Sorry for probably a silly question. 

QuickBooks Team

Re: How to correct mistake?

Hello Holy Lady of Kazan,

 

It sounds opposite because a credit would normally mean an increase. However, for journal entries, a credit means a deduction for an asset type of account (your bank account in this case). If you can check your bank register, you will see that the $200 amount is on the PAYMENT side which decreases your bank balance.

 

For an income type of account, it's the opposite. A debit means a decrease and a credit means an increase. You can also check your income registers for this.

  

You can check out the article about how accounts are affected by debits and credits for reference.

 

Please go back to this thread if you have other questions.

 

Frequent Explorer **

Re: How to correct mistake?

The correction worked and I think I got the idea of this flexibility of credit/debit terms. Thank you!

QuickBooks Team

Re: How to correct mistake?

Great! You're welcome, Holy Lady of Kazan!

 

I'm glad I'm able to share the article with you. If you have other questions, feel free to post again.

 

Have a good day!

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