cancel
Showing results for 
Search instead for 
Did you mean: 
Horizons4you
Level 1

correcting an incorrectly accounted for cleared transaction

Hello, I am using Quickbooks Desktop Pro.

 

We are a non profit and for 2022 the board wanted to set aside 10% savings and insisted it be made an expense account item this year vs transferring and classifying that amount like we used to.

In Jan & Feb of this year we cut checks form checking acct. made out to ourselves using an accounting Expense  Item labeled 10% Savings. These checks were then deposited into our savings account under Designated Income. The board didn't understand this would skew our Profit and Loss statement by showing those two deposits as Income. These transactions have cleared the bank, or I would just delete the deposits, the checks and associated bills. Then I could  just do them as transfers from checking to savings and  classify them to our 10% savings fund like we used to. How can I correct those cleared transactions so they don't show incorrectly on our Profit and Loss statements as income?

 

Thank you!

Solved
Best answer March 03, 2022

Best Answers
BigRedConsulting
Community Champion

correcting an incorrectly accounted for cleared transaction

Edit the checks you wrote and replace the expense account with the savings account.

Then delete the now-duplicate transactions in the savings account.

 

If you reconcile the savings account, then either perform a mini-reconcile to re-clear the transfer/deposits in the savings account, or just mark them off on the next reconcile.

View solution in original post

2 Comments 2
BigRedConsulting
Community Champion

correcting an incorrectly accounted for cleared transaction

Edit the checks you wrote and replace the expense account with the savings account.

Then delete the now-duplicate transactions in the savings account.

 

If you reconcile the savings account, then either perform a mini-reconcile to re-clear the transfer/deposits in the savings account, or just mark them off on the next reconcile.

Horizons4you
Level 1

correcting an incorrectly accounted for cleared transaction

Thank you!!!!

Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us