MOVING PAYMENTS FROM ONE COA TO ANOTHER COA

im4gltr · ‎April 17, 2019

I made a mistake and posted a check transaction against the wrong chart of account. I need to move it to the correct one, but for the life of me I can't find anything anywhere on how to do this in QB. I worked in accounting for 33 years for the DOD and if this happened, the clerks used what we called a JV (journal vouchers to credit one and debit the another) and we also talked this ledger has a normal CR balance and this ledger (COA-individual account) has a normal DR balance and junk like that, but we all know that government is silly, so I want to be sure on what to do. Right now, I've read so much stuff, I don't even know if the incorrect one should be a DR or the correct one should be debit. I hope I'm making sense. If there is anyone out there that can help me, I would be truly grateful. I'm pretty tired and I probably should have saved this for another day, but I have to get it corrected. It seems there is more than one of these kinds of transactions. Thanking you in advance, Im4gltr or Simply Stupid.

john-pero · ‎April 17, 2019

Open check to view
change account the expense is posting to (or from)
save

Unless you are currently working for a federal agency or other entity that requires spit to be catalogued - just correct the error. The only abhorrent effect would be if you had reconciled one of the affected accounts

Or do you actually have two separate Charts of Accounts (not just wrong account in the COA) inside your single QB file? Or is this a transaction between two separate sets of books? In that case wouldn't you need to physically move the money via bank transfer or check and deposit? Writing a check from second file and making a deposit in the first file is pretty straightforward. The deposit reverses the check (even if neither is real)

BTW DR is Debit and mnemonic I use is Checks are Credits and Deposits are Debits (when dealing with banking)

View solution in original post

john-pero · ‎April 17, 2019

Open check to view
change account the expense is posting to (or from)
save

Unless you are currently working for a federal agency or other entity that requires spit to be catalogued - just correct the error. The only abhorrent effect would be if you had reconciled one of the affected accounts

Or do you actually have two separate Charts of Accounts (not just wrong account in the COA) inside your single QB file? Or is this a transaction between two separate sets of books? In that case wouldn't you need to physically move the money via bank transfer or check and deposit? Writing a check from second file and making a deposit in the first file is pretty straightforward. The deposit reverses the check (even if neither is real)

BTW DR is Debit and mnemonic I use is Checks are Credits and Deposits are Debits (when dealing with banking)

im4gltr · ‎April 19, 2019

Thanks so much.

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MOVING PAYMENTS FROM ONE COA TO ANOTHER COA