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To handle the return of the check funds, @mldryan, you’ll need to create a bank deposit separately with the date the transaction was cancelled and then issue the second payment. These two actions guarantee that the correct payment method used in the actual transactions is accurately reflected.
To get started, let's ensure that the deposit is assigned to the same expense, asset, or liability account used for the original transaction. This helps keep your financial records accurate and organized. Here's how:
- Click the + New button and select Bank deposit.
- Go to the drop-down list for Account and choose the account that you want to put the money into.
- Add the transaction date.
- Under Add funds to this deposit, enter the appropriate account and amount.
- Press Save and new or Save and close.
For more information, see this article: Record and make Bank Deposits in QuickBooks Online.
To record the second payment, enter a check or expense again and pick Venmo as the payment method.
Once everything looks good, you can start categorizing your banking entries and reconciling these accounts to ensure the accuracy of your books.
If you need assistance managing checks and related features in QBO, consider consulting our QuickBooks Live Expert Assisted. They can provide valuable tips and support efficiently.
Don't hesitate to comment below if you require assistance or have questions about managing your lost checks. We're here to help you navigate this process with confidence.
