Reallocate QB Payments to a Due From Account

BaconAndEggs · ‎February 09, 2023

Good morning all,

I have a number of QB payments that were posted to a management company bank account, but categorized as a deposit to an old bank account that was phased out.

This of course caused uncleared transactions to accumulate in the "mothballed" bank reconciliations; is there a good way to reallocate these payments as "due from management company" via journal entry without messing up things further?

My first thought was to delete the uncleared transactions from the reconciliation report, post an entry that would DR the "due from" category and CR the customer accounts receivable, then manually "receive payment" from the journal entry for the deposits that landed in the management company.

Does this approach seem reasonable? It's 8 months worth of transactions (ugh) and I'm trying not to make things worse as I attempt to fix them.

With great appreciation,

BaconAndEggs

BaconAndEggs · ‎February 10, 2023

Just in case anyone else ever has this niche issue:

Delete the uncleared transactions from the bank account that didn't actually receive the funds
Make a journal entry debiting the inter-company account and crediting the Accounts Receivable for the customer(s) in question
Delete the QB system produced payments from the customer's account under the sales tab
The invoices that were paid will now show up as "Overdue (Paid)"
Click receive payment next to this invoices
Check the box for both the invoice(s) and the credit(s) created via journal entry
Done

These shenanigans could have obviously been sidestepped by tying payments to the correct account in the first place, but sometimes you just have to play the hand that's dealt.

Be good out there and cheers everyone.

BaconAndEggs

View solution in original post

BaconAndEggs · ‎February 10, 2023

Just in case anyone else ever has this niche issue:

Delete the uncleared transactions from the bank account that didn't actually receive the funds
Make a journal entry debiting the inter-company account and crediting the Accounts Receivable for the customer(s) in question
Delete the QB system produced payments from the customer's account under the sales tab
The invoices that were paid will now show up as "Overdue (Paid)"
Click receive payment next to this invoices
Check the box for both the invoice(s) and the credit(s) created via journal entry
Done

These shenanigans could have obviously been sidestepped by tying payments to the correct account in the first place, but sometimes you just have to play the hand that's dealt.

Be good out there and cheers everyone.

BaconAndEggs

JessT · ‎February 10, 2023

Hi BaconAndEggs,

Thank you for taking the time to post in the Community today!

I'm wondering why the same transactions are posted in two bank accounts. Online payments are normally posted to a single bank account but thank you for sharing how you handled them. I'm sure this can help a lot of users who are in the same situation.

For me, I would need to see the transactions in cases like this, but I can see that it's no longer necessary at this point.

If you want to check for some references for QBO, just click the Topics menu above and select a topic.

Feel free to return to this thread if you have any other concerns.

BaconAndEggs · ‎February 10, 2023

Hi JessT,

The payments were setup to post to a pre-existing bank account that was being phased out/closed, but the actual deposit information was pointed to the management company (separate QBO file) while this was done.

The old account ended up having to stay open for longer than expected and I allowed the issue to fester longer than it ever should have.

That's probably clear as mud but there ya' go.

BaconAndEggs

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Reallocate QB Payments to a Due From Account