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Join nowI made a Bank deposit into the wrong supplier's account and they then refunded the monies back to us the next day into my bank account. How to record this transactions without affecting Vat or any other income/expense accounts
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Let me help you record the incorrect deposit transaction without affecting VAT or any other income/expense accounts, YvonneSmit.
In QuickBooks Online (QBO), a clearing account is used to move money from one account to another without moving it directly. It's like a holding account that holds your fund until you’re ready to move it. This account is also called a Barter or Wash Account that has a balance of $0.00 because we always take out the amount we put in. Here's how to set up a clearing account:
To use a clearing account, just follow the steps below:
That should do it. You can now move money from one account to another account using the clearing account. Once everything is settled, you might want to read the Reconcile an account in QuickBooks Online article that serves as your guide in reconciling your accounts effectively.
Feel free to visit our Banking page for more insight s about managing your bank feeds transactions.
I'd like to know how you get on after trying the steps as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you. Take care always.
Let me help you record the incorrect deposit transaction without affecting VAT or any other income/expense accounts, YvonneSmit.
In QuickBooks Online (QBO), a clearing account is used to move money from one account to another without moving it directly. It's like a holding account that holds your fund until you’re ready to move it. This account is also called a Barter or Wash Account that has a balance of $0.00 because we always take out the amount we put in. Here's how to set up a clearing account:
To use a clearing account, just follow the steps below:
That should do it. You can now move money from one account to another account using the clearing account. Once everything is settled, you might want to read the Reconcile an account in QuickBooks Online article that serves as your guide in reconciling your accounts effectively.
Feel free to visit our Banking page for more insight s about managing your bank feeds transactions.
I'd like to know how you get on after trying the steps as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you. Take care always.
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