Deposits put into wrong bank account.

Hi mforest. To transfer funds in QuickBooks Desktop, just follow these steps below :

1.  select Banking, then Transfer Funds from the Menu Bar.
2. Enter the date of the funds transfers into the Date field.
3. Then select the bank account to transfer funds from by using the Transfer Funds From drop-down.
4. Then select the name of the account to transfer the funds into by using the Transfer Funds To drop-down.
5. Enter the amount of the transfer into the Transfer Amount field.
6. Then click the Save & Close button to record the fund's transfer and close the window.

Now the fund transfer will be recorded, if you need help with anything else just leave a response here. 

I know how to transfer the funds as you describe.  However, my bank rec will be off since these funds did not hit my business account in November of 2019.  In addition my receivables will be off for these payments.  How do I fix all that?

Anyone?.  I am really stuck here as I cant continue reconciling till I figure out how to account for this.  Thanks to all who help!

Hi, mforest.

Allow me to share some information regarding your concern.

The missing transactions in QuickBooks is the reason there is an off in your balance. You'll have to make sure that you record all the transactions to avoid it.

For future reference, you can check the reconciliation workflow to be guided in reconciling: Learn the reconcile workflow in QuickBooks.

Just hit the Reply button if you have additional questions. I'll be right here to help.

The customer deposits were placed into a personal bank account in error by the bank teller. This occurred in November of 2019.  Now here in April of 2020 how am I supposed to receive the funds for November’s business year?

It's good to have you back here, mforest. 

Let me clear this up for you. We'll need to transfer the funds to the correct account. You can follow the steps provided by my colleague above in transferring funds into Quickbooks Desktop. Once done, we'll have to match customer deposits to the invoices. We can use the Add More Details option in the bank feeds.  Here's how:

1. Go to the Banking menu.
2. Select Bank Feeds and select Bank Feeds Center.
3. Select your bank under Bank Accounts.
4. Click on the Transaction List.
5. Select the deposit and go to the Action column.
6. Click on Add More Details.
7. In the Add More Details page, click on Open invoices. Apply the deposit to the open invoices by selecting the box beside the open invoice.

I've added these links about customizing and understanding reports in QBDT for your guide: 

• Customize reports in QuickBooks Desktop
• Understand reports

If there's anything else I can do to help, please don't hesitate to comment below.

Thanks for trying to help.  However these suggestions wont work.  This check was placed into my PERSONAL account instead of my BUSINESS account.  These two accounts are not linked in any way on Quickbooks, so I cant transfer back and fourth.  I can do it in my banks site, but how do I account for it in QB?

Thanks for the response, @mforest.

I recommend reaching out to your Bank to transfer these funds from one account to the next. This will record the transactions on your bank's side. If you have Online Banking in QuickBooks, then you'll see the transaction appear in QuickBooks Bank Feed. If this is the case, then you can delete the incorrect transactions. If you don't have Online Banking, then you can create a Bank Transfer to move funds from one account to another. Either option is going to affect your reconciliation, so you can reach out to your accountant for further assistance in getting your books straightened out.

No worries, here's a couple of Community Articles that will help you in the process:

• Transfer Funds Between Accounts
• Fix A Reconciliation

Let me know if you have any additional questions or concerns. Have a beautiful day!

I am the accountant, electrician, plumber, painter and general handyman, enforcer, etc. in my landlord business.

Funds transfer between account by cheque , wasnt transfer but instead was treated as a deposit and the accounts are reconcile , please tell me how to correct this error

Hello, NiCkco_21. 

Thank you for reaching out to the Community. We can modify the transaction and transfer the fund. You can follow my colleagues Steve C steps on how to Transfer Funds. Though, we need to make sure we transfer it to the correct account.  

I suggest seeking an accountant to undo the reconciliation to prevent any discrepancies in your book. If you don't have one, you can also find and account by clicking on this link: Find an accountant.

Here's an article to become more familiar with Transfer funds between accounts. This gives you an over on how to create a transfer between two accounts using Transfer, Check, Imported Bank Transaction, and Journal Entry.  

Feel free to get back to me if there's anything else you need help with. The Community is open 24/7 to assist you. Take care!

Mforest,

Have you found out the right answer to your question? I understand what you are saying because I am dealing with a similar problem. I have multiple LLCs and I have three deposits that were put into the wrong LLC's bank account. So I was able to transfer the funds at the bank into the right account. But when I am doing my bank reconciliation it won't match up in quickbooks because I am not sure what journal entry I need to make in quickbooks to show the money was deposited and then transferred. So my bank reconciliation will zero out. 

I am using the new quickbooks on line

I have 2 accounts and I accidently put a deposit into the wrong account.

How can I fix it

Hello @thazlewood,

You have the option to delete and recreate the deposit so you can record it into your correct account. Let me show you how.

1. Go to Accounting.
2. Select Chart of Accounts.
3. Find the account from the list of accounts.
4. Under ACTION, select View register.
5. Choose the deposit you wish to delete.
6. Select Delete.
7. Click Yes.

Once done, you can go ahead the recreate the deposit using the steps outlined in the article: Record and make bank deposits in QuickBooks Online.

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Banking for QuickBooks Online.

If there's anything else that I can help you with, please let me know by leaving any comments below. I'll be here to lend a hand.

Employee direct deposit went into someone else’s bank account. How do I fix this. I had the wrong account number

I'm here to ensure you'll be able to pay your employee, @Sparks777.

You'll want to delete the direct deposit (DD) and recreate a new one. Ensure to delete it before the processing time of your payroll service. Let me show you how.

1. Go to the Payroll menu in your QuickBooks Online (QBO)
2. Click the Employees tab.
3. Select Paycheck list.
4. Click the paycheck you want to delete then select Delete.
5. Then select Yes.

You can also read this article for more details: Delete or void employee paychecks. This also outlined the steps for QuickBooks Desktop if you're on the desktop version.

If you're unable to delete and void it or have already proceeded, I recommend contacting our Support team. This way, they can further assist you in canceling your DD and pay the correct employee. They can also trace the owner of the account you've used for DD. Ensure to check their support hours to know their availability.

On the other hand, If the account is own by another employee, you can have an internal arrangement with them to return the fund and initiate a reverse DD. Moving forward, you'll want to make sure your employees DD information is correct to avoid any delays. To be guided in ensuring it, you can utilize this resource: Change an employee's direct deposit info.

I've also added these links that can guide in fixing DD issues and track your voided checks:

• Fix direct deposit issues
• How to create a report of voided checks

You can always tag me in your reply if you have other questions processing your DD. I'll be around to back you up. Keep safe!

The money was already put in someone else’s account

Thanks for getting back to this thread, @Sparks777. Let me chime in and provide some info on how to manage funds that were put in the wrong account. 

Since the money is already on someone else's account, you can have an internal agreement with the employee to return the funds. Otherwise, you can request a direct deposit reversal.

Before you request a reversal, please take note of the following information:

• Reversal requests are not a guarantee that the funds will be recovered.
• Make sure to notify the employee or contractor of the reversal request.
• Note that there’s a $75 charge with a reversal request, even if you don’t get the money back.

If you wish to request for reversal, here's what you need to do: 

1. Open the Direct Deposit Reversal form.
2. Click New Request.
3. Complete the required information and transaction information.
4. Choose Save.
5. Once the reversal is approved, you can void the paycheck in your payroll records.

For more insights, feel free to open this resource: Reverse a direct deposit. If you need further help with the process, you may also contact our support team. 

In addition, here's an article you can browse to learn how to fix issues with direct deposit in QuickBooks Desktop. This includes insights on what to do if you missed the direct deposit deadline or if your workers didn't get funds on payday.

Get back to this thread if you have other direct deposit concerns in QuickBooks. I'll be happy to lend a hand. Stay safe and healthy always. 

I think two of the above questions were asking how to handle a transfer of funds to or from a personal account that is not listed as an account in Quickbooks.    For example, when an owner accidentally transfers money from a personal account into business checking would you credit and then debit owner investment as the amount comes in and then goes back out to owner.   (in this case same day)   Or can you accomplish this through a transfer.  I would prefer this, but who do I transfer funds FROM if the originating personal account is not set up in QB)?

Hi, pauker01.

Let me share some information on how transfer funds work.

When creating a fund transfer, you'll see two transactions in both bank account registers as this is how your transaction is posted. One as a deposit from the source account and a payment from the other bank. Therefore, you need to set up the account where the transfer funds FROM and TO.

To transfer funds in QuickBooks Desktop, just follow these steps below :

1. Click Banking menu, then Transfer Funds.
2. Enter the date on the date field.
3. Then choose the bank account to transfer funds from by using the Transfer Funds From drop-down.
4. Then tap the name of the account to transfer the funds by using the Transfer Funds To drop-down.
5. Enter the amount of the transfer into the Transfer Amount field.
6. Then click the Save & Close button to record the fund's transfer and close the window.

For future reference, read through this article to learn more about how to customize a report.

Stay in touch with me if you need anything else with your bank transactions. I'll be around to help you.

 

Well this has been an infuriating read... a simple question asked very clearly many different times, only to get the same repetitive non-answer. 

I am also dealing with this problem, in case someone has some real insight... 

I'll ensure to provide the accurate solution to move your deposit to the right account, AE29.

If you are using QuickBooks Online, we can access your account register and correct the deposit by editing the transaction.

Here's how:

1. Click Accounting in the left panel and select Chart of Accounts.
2. Find the wrong account, and click View Register.
3. Select the deposit in question, and click Edit.
4. Change the posting account, and click Save and close.

For a comprehensive understanding of how deposits function in QuickBooks Online, you can refer to the following resources. They outline step-by-step instructions on combining transactions into a single deposit slip.

• Record payments deposits and fees in QuickBooks Online.
• Record and make Bank Deposits in QuickBooks Online.

Should you need additional assistance, please let me know by leaving a reply below. I'll be around to help you out. Have a good one.

This has nothing at all to do with the original question. Again, these responses only make me lose faith in QBO support. 

Mostly the best fix on these kinds of things is to figure it our on your own.  I find QB community to be very frustrating unless a fellow user has encountered the same situation.

So here is one I encountered.  We are a financial services company.  We have 2 bank accounts one is for Expense Account/Operations and the other is Trust.  Trust is where we get paid on client behalf and then send client a payment once the check clears we have received less our commissions.  So one day we got 2 checks to be deposited into the Trust account.  We accidentally stamped one with the Expense account endorsement.  So I deposited it and figured I would just transfer the funds to the Trust Account.  Not so simple.

First I had to figure where to put the deposit that we made to the Expense Account.  Then how to move it to the correct client account that is under the Trust Account.  No one at QB/Intuit could help.  All I got was endless responses of how to transfer funds which I already knew or reconciling the bank accounts which despite me explaining are not connected to QB fell on deaf ears.  Plus we use Desktop and though clearly stated many would offer QBO solutions and not Desktop.

So at the end of the day I figured since the bank accounts are not connected to QB why complicate things by making the transactions thru QB.  I simply transfered the funds online in my bank account and at the end of the month both bank balances matched what I have for account balances in QB for Expense and Trust.

Now the only issue there is total deposits into Expense are income.  I just had to make notes for the tax accountant when they do our taxes to show one deposit was transfered to its correct account the Trust.  Then when we paid client our commissions off that total deposit were income not the whole payment.

Worked out fine.