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Level 2

Paid bill from incorrect bank account!

Help!  We handle the books for various customers and some bills were paid from the incorrect company's bank account.  Example:  Company A bills were paid by Company B's bank account.

 

How can I get this fixed?  General entry?  Also we use cash accounting and the checks already cleared.

Solved
Best answer 08-13-2019

Accepted Solutions
Moderator

Re: Paid bill from incorrect bank account!

Yes, you can, Saphire605.

 

Create a check to Company B and make a deposit to Company A.

 

You can refer to these articles:

If you need anything else, you can go back to this thread.

View solution in original post

3 Comments
QuickBooks Team

Re: Paid bill from incorrect bank account!

Hey there, @Saphire605.

 

You can record a journal entry to transfer the fund from the wrong account to the correct one. Let me guide you on how this is done.

 

Creating a journal entry allows you to transfer funds properly between accounts. But before that, you'll need to create a clearing account.

 

To create this, you can follow the steps below:

  1. Click on Lists from the menu bar.
  2. Choose Chart of Accounts.
  3. From the Account drop-down, select New.
  4. Choose the Account Type.
  5. Enter the necessary details.
  6. Click on Save & Close.

Once done, you can now record the journal entry. Here's how:

  1. Click on Banking from the menu bar.
  2. Choose Make General Journal Entries.
  3. On the first line, select the wrong bank account.
  4. Enter the amount.
  5. On the second line, select the clearing account you created.

You can perform these steps again. But on the second journal entry, it should contain the clearing account and the correct bank account.

 

You can refer to this article for more information: Set Up a Clearing Account.

 

Don't hesitate to get back to us if you have any other questions. I'll be here to help you.

Level 2

Re: Paid bill from incorrect bank account!

@Alessandra_B Should we cut a check and make a deposit to the account that the payment was made from?  Transfer from one bank to another is not an option.

Moderator

Re: Paid bill from incorrect bank account!

Yes, you can, Saphire605.

 

Create a check to Company B and make a deposit to Company A.

 

You can refer to these articles:

If you need anything else, you can go back to this thread.

View solution in original post

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