How do I correct a deposit that was deposited in error?

Hi there, @llm050.

I can help walk you through the steps of how to fix the check that is deposited to the wrong account in QuickBooks Online (QBO).  

Let's go to the view register to edit the check you've previously deposited. 

Here's how: 

1. Choose the Accounting tab, then pick Chart of Accounts. 
2. Locate the business account, then hit View register. 
3. Click the check and tap Edit. 
4. In the Account drop-down, select the personal account. 
5. Hit Save and close. 

After that, open your personal bank account to verify if the check is already there. 

You can also check these great resources that can help you with managing your COA, deposits, bank feeds, and other relevant topics. 

• Understand the chart of accounts 
• Banking

Let me know if you have more questions. I'm always here anytime you need help. Take care!

Thanks for the reply. However, my personal banking account is not connected with QB's. So I cannot post it. 

Thanks for the quick reply, @llm050.

I'm here to ensure you can transfer the deposit to your personal account in QuickBooks Online (QBO). 

Since the personal account is not connected to QBO, I'd suggest depositing the amount to the Owner's Equity. But before doing that, let's delete first the wrong deposit. Simply go to your business account, then delete the transaction.

After deleting, please follow the steps below. 

1. Go to the New icon, then choose Bank Deposit. 
2. Choose the customer's name in the Received from the drop-down.
3. In the Account box, select Owner's Equity. If you don't have it yet, click the +New. 
4. Complete the Payment method, amount, etc. 
5. Hit Save and close.

Then right after, create an Expense transaction to return the money to your personal account. 

Here's how: 

1. Choose the + icon, then select Expense. 
2. Pick the Payee name in the drop-down.
3. Complete the Payment account, method, and date. 
4. In Category, choose Owner's Equity. 
5. Enter an amount. 
6. Tap Save and close.

Also, you can always run the quick reports by clicking the drop-down arrow beside View Register. This way, you can review your data, then customize it to show the specific details. See the sample screenshot for your guidance. 

Additionally, I've added articles about the How do I question in QBO: Help Article. 

Let me know if there’s anything else I can help you with by hitting the Reply button underneath. I’ll be right here to assist further. Enjoy the rest of the day. 

Hello, thank you for the information. If I have this situation, however if I delete the transaction it will affect the reconciliation of the month for that account. 

bank account*

Good afternoon, @DanceBC. 

It's great to see you back in the Community. I can provide you with some information to help you out. 

Since the transaction is already reconciled, all you would need to do is undo the transaction from the reconcile and then delete it. 

Here's a guide that will give you details instructions on how to do this action successfully in your account: Undo or remove transactions from reconciliations in QuickBooks Online. 

Come back if you have any other questions or concerns about your account. I'm only a post away if you need me. Take care!

I think I need to explain me better. 

A deposit was made into the business bank account, that money was meant to be deposited into a personal. 

the deposit made it to the banking transaction feed. now I have an statement with that deposit. however once it was realized it was in the wrong account. money was moved, taken out of that account in different months. 

Creating a Journal to even those balances is an option? 

Thank you for your prompt reply, @DanceBC.

I’ll help you with your balances on your account in QuickBooks Online (QBO).

We can enter the bank deposit to the correct account, and create a check to the same affected account to balance it. I’ll show you how:

To create a bank deposit:

1. Click the + New button.
2. Select the Bank Deposit.
3. Choose the correct account where you want to put the money from the Account dropdown.
4. Click Save and close or Save and new.

To write a check to the same account:

1. Click the + New button.
2. Select Check.
3. Choose the Payee from the dropdown.
4. Select the account from which you withdraw the money in the Bank account dropdown.
5. Complete the checks fields.
6. Click Save and close.

Take note that to balance the account, you’ll want to ensure that you selected the same account when depositing and withdrawing the money.

For future reference, I added the following articles to match and categorize your transactions and reconcile your account.

Let me know if you have further questions about your banking transactions. I’ll be delighted to get back and assist you. Stay safe!

A client accidentally ZELLEd me money to my business account instead of my personal account. My personal acct is not set up in QB. I have not reconciled the month yet. Should I write a check to myself from my business account? If so, how do I fix or categorize that in QB? or is there another way to fix the situation? Thank YOU!

Thanks for joining this thread, Motivity.

I can offer an alternative way to handle this payment transaction in QuickBooks Online.

You can Exclude that transaction from your business account records. This can help ensure that your financial records accurately reflect your business activities. I'll walk you through how:

1. Go to Transactions, then select Bank transactions.
2. Select the For Review tab.
3. Click the checkbox of the transactions to exclude.
4. Select Exclude.

After excluding the transaction, it will be moved to the Excluded tab on the Banking page, where it will be stored separately from your regular transactions.

Moreover, reconcile the account to ensure the accuracy and completeness of your financial records.

Let me know if you have further questions regarding banking transactions and other related issues. I'll be here to assist.

I have a similar problem, but using QB *Desktop*.
Money was wired to my business account in error (it should have been wired to me personally).
So now my business checking account has a large deposit, that I need to transfer out and into my personal bank account.

How to handle this in QB desktop, without the deposit looking like business income?

@pcarew  Well, there are several ways to do it, but they all amount to the same thing.

To handle the original erroneous deposit into the business account, make a GJE debiting your business account and crediting Owner's Equity on the appropriate date.

Then, make another GJE debiting Owner's Equity and crediting your business account on the appropriate date.

This will fully recognize both events.

Hello there, pcarew. Let me guide you on how to correct your account.

I agree with @FishingForAnswers that you'll have to create a Journal Entry (JE) to record the transfer.

Before doing so, I suggest consulting your accountant for the proper process and accurate accounts to use.

Here's how to create a JE:

1. Go to the Company menu and choose Make General Journal Entries.
2. Fill out the fields to create your JE. Make sure your debits equal your credits when you’re done.
3. Select Save & Close.

After that, generate another JE to debit the Owner's Equity and credit your business account on the specified date.

In addition, you can check out this article to learn how to reconcile your accounts so they match your bank and credit card statements: Reconcile an account in QuickBooks Desktop.

If you have any further questions about deposits in QuickBooks Desktop, please let me know. I'm here to help. Have a great day!

@IrishNinoJ  Psst. When you copied and pasted my answer, you forgot to reword most of one of my sentences.

You're welcome.