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Level 1

Money in the wrong bank account

Hello, we have two different companies, by accident we transferred money in the wrong company, we found out and gave the money back two days later, how to categorize this transactions on QBO,?.We can handle it as a transferred between account transfer since is different company Thank you 

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QuickBooks Team

Money in the wrong bank account

Welcome to the Community, @Dcmedina83.


I'll show you how to categorize transferred money in QuickBooks Online. You have to create an expense to transfer this transaction to a different company. 


Here's how:

  1. Select the + New button.
  2. Choose Expense.
  3. In the Payee field, specify a vendor or a business. 
  4. Select the Payment account to which to credit this expense.
  5. Enter the Payment date field and specify the Payment method for the expense.
  6. Input the amount of the purchase and any Tax paid (if applicable).
  7. Select Save or Save and Close.

Once done, you can now receive funds transferred from the other company.

  1. Choose the + New button.
  2. Select Bank Deposit under Other.
  3. Choose the Bank account the funds are going to, then input the Date.
  4. Specify who the funds were Received From, in the Add funds section.
  5. From the Account column drop-down menu, choose an account.
  6. Enter the amount received in the Amount column.
  7. Click Save and Close.

I suggest, consulting a tax professional to be sure that you record these transactions in the correct accounts.


Also, I've added this article that can guide you on how to review bank and credit card transactions after you download them into QuickBooks Online: Categorize and match online bank transactions in QuickBooks Online.


Fill me in if you have other concerns. I'd be glad to help you. Keep safe!

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