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poshinteriorslar
Level 1

I've deposited a physical check to my personal bank account in error. How do I record it in QB going from personal to business?

 
1 Comment 1
BettyJaneB
QuickBooks Team

I've deposited a physical check to my personal bank account in error. How do I record it in QB going from personal to business?

I'm happy to see you here in the Community, @poshinteriorslar.

 

You'll need to create a clearing account to move money from one A/R account to another. After that, deposit the amount from the clearing account then transfer it to the business account.

 

Here's how:

  1. Click on Accounting at the left pane.
  2. Refer to the Chart of Accounts tab.
  3. On the Chart of Accounts screen, hit the New button.
  4. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
  5. Enter the Name of the clearing account.
  6. Make sure you do not enter in any amount on the balance section before pressing Save and Close.

Please see the sample snips below for your reference:

Once done, let's now make a bank deposit to move the money from the income account to the clearing account.

 

To do that:

  1. Hit on the + New button at the upper left pane.
  2. Press Bank Deposit.
  3. On the Account box, select on the clearing account.
  4. Refer to the Add funds to this deposit section and choose on where does the money was received from.
  5. Enter the account where the money will be taken from, then key in the amount.BD1.PNGbd2.PNGbd3.PNG
  6. Click on Save and Close.

Lastly, let's now transfer the deposited amount to the business account. Please follow the steps below:

  1. Click on the + New button at the left pane.
  2. Press on Transfer.
  3. On the Transfer Funds From box, select the clearing account.
  4. From the Transfer Funds to section, choose the business account.
  5. Enter the Transfer Amount.
  6. Put a description in the Memo field that indicates the reason behind this record.
  7. Hit on Save and Close.

I've outlined this process through the sample screenshots below:

ft1.PNGft2.PNG

To learn more about recording deposits in QuickBooks Online please see this link: Record and make Bank Deposits in QuickBooks Online 

 

I've got your back if you have any other questions. I'd be happy to help you out. Happy Holidays!

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