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Level 2

I accidentally deposited a personal check to my business account. How do I record the mistake and the subsequent check written to myself to fix the problem?

 
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Best answer 10-03-2019

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QuickBooks Team

Re: I accidentally deposited a personal check to my business account. How do I record the mistake...

Hi WildWaynesLLC,


I'm happy to walk you through the steps in recording the funds you put in and out of your business account. By the way, the details you added were really helpful.


To record the money you put in, you can create a bank deposit to your business checking. Then, use an equity account as the opposite account. An Equity is commonly used when owners add funds to their businesses. Feel free to verify this with an accountant to make sure your records are correct. Also, please be sure to add a memo for your reference.

 


To take the money out, you'll want to create a check for your self. Choose your business account as the source of funds and select the equity account as an offsetting account again. This will offset the money that was posted on both accounts from the bank deposit you make.

 

 

There you go. After entering the transactions above, you can go to your Chart of Accounts. Then, run a report for your business and equity accounts. You'll see that the funds were added and removed from them.

 

You can always reach out to me if you need help recording other transactions such as this. Have a good day!

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2 Comments
Level 2

Re: I accidentally deposited a personal check to my business account. How do I record the mistake and the subsequent check written to myself to fix the problem?

By check being written to myself I am referring to a check I wrote from my business account to remove the money from the account. Just to be clear.

 

Thank you in advance!

Highlighted
QuickBooks Team

Re: I accidentally deposited a personal check to my business account. How do I record the mistake...

Hi WildWaynesLLC,


I'm happy to walk you through the steps in recording the funds you put in and out of your business account. By the way, the details you added were really helpful.


To record the money you put in, you can create a bank deposit to your business checking. Then, use an equity account as the opposite account. An Equity is commonly used when owners add funds to their businesses. Feel free to verify this with an accountant to make sure your records are correct. Also, please be sure to add a memo for your reference.

 


To take the money out, you'll want to create a check for your self. Choose your business account as the source of funds and select the equity account as an offsetting account again. This will offset the money that was posted on both accounts from the bank deposit you make.

 

 

There you go. After entering the transactions above, you can go to your Chart of Accounts. Then, run a report for your business and equity accounts. You'll see that the funds were added and removed from them.

 

You can always reach out to me if you need help recording other transactions such as this. Have a good day!

View solution in original post

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