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Level 2

I have a client who has deposited monies into the operating account and not into a Trust account-How do I write checks & keep Balance Sheet correct?

 
4 Comments
Moderator

Re: I have a client who has deposited monies into the operating account and not into a Trust acco...

Welcome, gulfsidebooks.

 

You can use the Transfer function to record any transfer of funds from one bank account to another. That way, there's no need for you to create checks to transfer funds from the operating account to the trust account. It also keeps your Balance Sheet accurate. 

 

These are the steps:

  1. Click on the Plus icon.
  2. Select Transfer.
  3. Choose the operating account from the Transfer Funds From drop-down.
  4. Choose the trust account from the Transfer Funds To drop-down.
  5. Enter the amount in the Transfer Amount field.
  6. Click on Save and close

 

Another way is to correct the deposit. Edit the account details from operating to trust account and click on Save and close. Then, please see our reference on how to reconcile bank transactions: https://quickbooks.intuit.com/community/Getting-started-with-QuickBooks/How-to-Reconcile-an-Account-...

 

Keep us posted if you need more help with depositing funds, or anything else. 

Level 2

Thank you Garlyn Gay. This is too confusing to even explain. I cant transfer the accounts its not that easy. I have the money being deposited by ACH into the operating account. So I just transfer each amount into the Liability account?

 
Level 2

I am not sure that will work. I dont have a bank account set up its a Liability account. Will that have the same affect?

 
QuickBooks Team

Re: Thank you Garlyn Gay. This is too confusing to even explain. I cant transfer the accounts its...

Hello there, @ulfsidebooks,

 

We can see a similar post about your concern here in the Intuit Community forum. Please refer to the response posted on the duplicate post through this link: https://quickbooks.intuit.com/community/Reports-and-accounting/How-do-i-set-this-Trust-account/td-p/....

 

Don't hesitate to post again if you have any other concerns and we're glad to help with any QuickBooks issues you may be having.

 

Thank you. Wishing you and your business continued success.

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