cancel
Showing results for 
Search instead for 
Did you mean: 
ExoticBengal
Level 1

QBD check register and bank statement balance do not match

We have back office software that imports daily from the previous day's POS into QB.  The import creates a journal entry of the previous days sales and the deposits that were to be deposited into our bank account and the lottery account.

An employee stole several deposits (never took them to the bank and quit), so the deposits that imported into my check register were not actually deposited.  I created a journal entry to post the missing funds to "Employee Theft" expense account and debit the lottery account for the amount stolen.

I reconciled the bank statement and did NOT include the missing deposits in the reconciliation so it balanced.  The problem now is those deposits are still showing in my check register, so my ending balances do not match.

I cannot delete those deposits because they are attached to the journal entry import that includes the detail of sales for the day.

How do I fix this?  I have this issue in two accounts; the bank and the lottery account because deposit funds were stolen from both.

2 Comments 2
JonpriL
Moderator

QBD check register and bank statement balance do not match

Hello @ExoticBengal,

 

You can create a clearing account to move the amount from your bank account so you can match it with your bank statement. Let me show you how.

  1. Go to Lists.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Add New Account, select Bank.
  5. On the Account Name field, say Clearing or Wash Account.
  6. Click Save & close.

From here, you can create a journal entry to move the said amount of your stolen deposits. Learn more about your clearing account with this article: Set up a clearing account.

 

Additionally, you can also browse for the content in this helpful article for the steps in case you'll bump into issues with reconciliation: How to find and fix issues so you can finish reconciling?

 

If there's anything else that I can help you with, please let me know in the comments below. Stay safe!

ExoticBengal
Level 1

QBD check register and bank statement balance do not match

Thank you for the information regarding the Clearing Account.  I want to make sure that all my entries are correct before I continue creating journal entries for all of the missing deposits.

This is the journal entry I created for one of the missing lottery deposits:

                                                              Credit:   Lottery Account  $$ (now showing as a payment in check register)
Debit: Employee Theft Account $$

 

I need to show the theft of the funds in the Employee theft account, but I am not sure if the credit to the lottery account was correct.  Is this where I should have created the Clearing Account and posted the credit to that account?
Can you explain in detail what the journal entry should look like and if I should have one journal entry or two separate?  This is a bit confusing and I have about 5 deposits to record that were stolen, so I want to make sure they are correct before I reconcile the accounts and then have an issue with next month's reconciliation.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us