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TUSSU
Level 5

I entered an expense when it should have been a deposit

Hi, 

I entered an expense when it should have been entered as an Deposit, this occurred last September and the month has been reconciled, how do I remove the expense and replace it with a deposit?

Best Regards,

Noel

 

Solved
Best answer 2 weeks ago

Best Answers
JanbonN
QuickBooks Team

I entered an expense when it should have been a deposit

Hello there, TUSSU. I'm here to help you successfully correct your entries in QuickBooks Online (QBO).

 

Before we begin, could you please share how did you reconcile the account in September? Since the two transactions in question are opposite, one being an expense (money out) and the other a deposit (money in), this detail will be helpful.

 

To resolve the issue, we’ll need to undo the reconciliation, enter the correct deposit entry and redo the reconciliation. I recommend consulting with your accountant, as this process involves undoing a month’s worth of transactions and can be a bit tricky. Also, the QBO Accountant version has the option to batch undo reconciled transactions, which can make this faster. You can refer to this article for more details: Undo a client’s reconciliation in QuickBooks Online Accountant.

 

If you prefer to handle it yourself, here are the steps to undo reconciled transactions one at a time:

 

  1. Go to Transactions and select Chart of Accounts.
  2. Find the account and select View register.
  3. Filter the register to display transactions starting from September.
  4. In the Check column, click the field until it is blank.
  5. Click Save.

 

Then, enter the correct deposit and reconcile the account again.

 

You can also refer to this article for more details: Undo or remove transactions from reconciliations in QuickBooks Online.

 

Moreover, to enhance your QuickBooks experience, consider collaborating with our QuickBooks Live Expert Assisted team. These financial professionals specialize in streamlining processes and providing tailored advice to meet your business's unique needs.

 

Additionally, if you encounter other reconciliation issues, you can check out these articles for guidance:

 

 

We're always here to provide further assistance if you have other questions about the process, TUSSU. Have a good day.

View solution in original post

3 Comments 3
JanbonN
QuickBooks Team

I entered an expense when it should have been a deposit

Hello there, TUSSU. I'm here to help you successfully correct your entries in QuickBooks Online (QBO).

 

Before we begin, could you please share how did you reconcile the account in September? Since the two transactions in question are opposite, one being an expense (money out) and the other a deposit (money in), this detail will be helpful.

 

To resolve the issue, we’ll need to undo the reconciliation, enter the correct deposit entry and redo the reconciliation. I recommend consulting with your accountant, as this process involves undoing a month’s worth of transactions and can be a bit tricky. Also, the QBO Accountant version has the option to batch undo reconciled transactions, which can make this faster. You can refer to this article for more details: Undo a client’s reconciliation in QuickBooks Online Accountant.

 

If you prefer to handle it yourself, here are the steps to undo reconciled transactions one at a time:

 

  1. Go to Transactions and select Chart of Accounts.
  2. Find the account and select View register.
  3. Filter the register to display transactions starting from September.
  4. In the Check column, click the field until it is blank.
  5. Click Save.

 

Then, enter the correct deposit and reconcile the account again.

 

You can also refer to this article for more details: Undo or remove transactions from reconciliations in QuickBooks Online.

 

Moreover, to enhance your QuickBooks experience, consider collaborating with our QuickBooks Live Expert Assisted team. These financial professionals specialize in streamlining processes and providing tailored advice to meet your business's unique needs.

 

Additionally, if you encounter other reconciliation issues, you can check out these articles for guidance:

 

 

We're always here to provide further assistance if you have other questions about the process, TUSSU. Have a good day.

TUSSU
Level 5

I entered an expense when it should have been a deposit

Hi,

apologies for the delay in replying I was trying your solution and it worked perfectly, the first time I reconciled the entry was an expense. I only noticed the error just  this week when checking back on the reconciliation and realised that it should have been a deposit.

However, your solution worked perfectly thank you for all of your help

Best Regards,

Noel

KimberlyS
QuickBooks Team

I entered an expense when it should have been a deposit

You're always welcome, Noel. We also appreciate you returning to this discussion to share your positive feedback.

 

We’re thrilled that the information above helped you correct your deposit. Your insights strengthen our commitment to providing excellent support. You can be confident that we prioritize addressing your concerns promptly, allowing you to continue with different business tasks seamlessly.

 

Additionally, you can close your book to prevent unwanted changes from your data, locking it to keep everything secure for accurate tax calculations.

 

We’re here for you, ready to assist with any questions regarding correcting your deposit or other transactions in QuickBooks Online. Drop by this thread anytime and use the Reply button to notify us in the Community.

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