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mldostal
Level 1

Incorrect expense check deposit

I accidentally deposited my expense report check back into our business checking account and not sure how to balance it out without creating new sales/income.

 

Specifically, I wrote a check for my expenses from our BofA checking account.  This check was supposed to be deposited into my personal Wells Fargo account, but instead, I accidentally deposited the check at the wrong ATM and deposited it back into the BofA checking.   So a check for X was written from BofA checking and then redeposited to the same account for the same amount.  How do I handle this so that the $ isn't counted as sales / income?     Thanks for your input

 

 

Solved
Best answer April 10, 2020

Best Answers
BigRedConsulting
Community Champion

Incorrect expense check deposit

Record the deposit using a wash account, often setup as an asset or bank account (or some sort of misc expense can work too.)  Then write yourself another check and use the same account, reversing the activity from the deposit.

 

The net impact on whatever financial statements are impacted (depending on the account type) will be 0.00.

View solution in original post

3 Comments 3
BigRedConsulting
Community Champion

Incorrect expense check deposit

Record the deposit using a wash account, often setup as an asset or bank account (or some sort of misc expense can work too.)  Then write yourself another check and use the same account, reversing the activity from the deposit.

 

The net impact on whatever financial statements are impacted (depending on the account type) will be 0.00.

View solution in original post

mldostal
Level 1

Incorrect expense check deposit

that works great thanks!!!!

mldostal
Level 1

Incorrect expense check deposit

that works great thanks!

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