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Level 2

Correcting Bank to Bank transfer in the incorrect year

I am treasurer for nonprofit organization & work on desktop premier.  We work on accrual accounting. In 2019, I deposited a payment written on one check for an expense item & for a donation that should go to different bank account. I didn't do the actual bank transfer until 2020, what's best way to make this bank transfer appear for the correct year (2019) in quickbooks? Thanks!

 

4 Comments
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QuickBooks Team

Correcting Bank to Bank transfer in the incorrect year

Thank you for posting, @crysdevdan1.

 

When you create a bank transfer, you can set the date for 2019. 

  1. Click the Banking menu and choose Transfer Funds.
  2. Click the Transfer Funds From drop-down and then click the account to move the funds from.
  3. Next, hit the Transfer Funds To drop-down to choose which bank to transfer the funds into.
  4. Once done, press the Save & Close button.

You can also check our in-product help for additional resources about fund transfer. Here's how to do it: 

  1. In your QuickBooks Desktop, click Help.
  2. Click QuickBooks Desktop Help or F1
  3. In the Search field, type "Fund Transfer." Then, click the links under Answers in Help.

Let us know if there's anything that you need. I'm always here to assist. Have a wonderful day!

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Level 2

Correcting Bank to Bank transfer in the incorrect year

Hi MaryJoy, 

 

Thanks for the quick reply! Although, when I do my bank reconciliation, the actual bank transfer wasn't done at the bank until February 2020.  The actual check was deposited in October 2019 to pay 2 different items, one for an expense & one for a donation. The person pay on one check & since we have a business checking account, the bank wouldn't allow me to make a split deposit. I had to deposit the entire check into one bank account. When I applied the check, I did split it to the correct chart of account code but each should have been in a different bank account. We work on accrual so I wanted to get the income in the correct year which they were, however, the actual bank transfer at the bank wasn't until the next year. How do I reconcile each year's bank account if the actual transfer at the bank didn't take place in 2019? Or does it matter which year the actual bank transfer happened for my bank reconciliation.

 

 

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Moderator

Correcting Bank to Bank transfer in the incorrect year

We'll need to follow your bank's actual transactions, crysdevdan1.

 

When reconciling, we always recommend following the activities on your bank. This way, we can have the basis of our ending balance for the next reconciliation period.

 

When you're ready to reconcile, you can follow the steps in this article: Reconcile an account.

 

You can also take a look at these articles in case you encounter issues about the beginning balance:

 

 

I'm always around if you still need help in reconciling!

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Level 2

Correcting Bank to Bank transfer in the incorrect year

Thank you for the response, Adrian_A! 

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