Quickbooks Desktop is THE way

Online: I'd say yes, likely many.

#TeamQuickbooksDesktop ftw!!!

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How should I record it if the funds are not recovered?

Thank you for participating in this thread, Acct2955. I'm here to help you record the funds that have not recovered yet.

You can create an expense transaction, and I'll be glad to walk you through the process.

Here's how:

1. Go to the +New button and select Expense.
2. Fill in the other necessary details.
3. Save and Close.

We can save the expense transactions even without a vendor. All we have to make sure is that we've selected the correct expense account for fraud and the affected bank.

In addition, I'd recommend reaching out to your accountant when editing your books. They know the proper steps to go about it and prevent unwanted inaccuracy.

You can check this article on how to use different reports and projections to get a clear look at your business finances: Use reports to track cash flow in QuickBooks Online.

Feel free to get back if you have any other concerns about recording your transaction. Don't hesitate to comment below. Stay safe.

We had fraud on our bank account of over 100K.  I like the current asset concept as we got most of the money refunded in the next year. The money not refunded I'll expense at the end of the next year.

What did you name the Other Current Asset?

Thanks Mike

Thanks for joining this thread and sharing your concern, Mike.

I'm here to lend a hand to provide information about managing your accounts in QuickBooks Online (QBO).

I can imagine the experience you've been through when your bank had to deal with fraud issues. I also appreciate your interest in the current asset concept. Regarding the name of the Other Current Asset, it ultimately depends on what name you prefer to give it.

If you need additional assistance or have further questions regarding your books, I recommend reaching out to your accountant. They can provide you with professional advice and ensure the accuracy of your account. If you don't have one, you can use our accountant tool to look for one.

For more information on adding accounts to your chart of accounts, check out this handy reference: Add an account to your chart of accounts in QuickBooks Online.

If you want to make one inactive, you can also read this guide for a detailed process: Make an account inactive on your chart of accounts in QuickBooks Online.

Feel free to reply on this thread if you have further concerns about your accounts in QBO. I'm here to help. Take care always.