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rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

I paid a vendor with wrong bank acct on QBO, I need to journal entry this in QBO and re-enter to correct Business acct on QBD, and do I still need to transfer the funds from wrong bank account to correct bank account? 

Solved
Best answer February 28, 2023

Best Answers
DHeraV
Moderator

I Paid from wrong business account Need to journal enter this

Hi there, @rock and roll.

I'm here to share information about dealing with incorrect bank account issues in QuickBooks. 

Since your QuickBooks are not tied to a real bank, you don't have to transfer funds to the correct account. You can directly perform the steps provided by my colleague @MichelleBh while keeping the account being used.

Moreover, I'll also share this link where you can search for articles that can serve as your reference to guide you on how to enter expenses, pay bills, write checks, and manage suppliers in QuickBooks: QuickBooks Online Expenses and Vendors Help Articles.

Feel free to leave a reply if you have additional queries about managing bank accounts in QuickBooks. The Community team always has your back. Have a good one!

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11 Comments 11
Ethel_A
QuickBooks Team

I Paid from wrong business account Need to journal enter this

You can create journal entry to move the money to the correct account, @rock and roll.

 

I suggest consulting with your accountant before you begin this process. Your books won't get out of hand because you'll know which accounts to debit and credit.

 

  1. Click + New.
  2. Select Journal entry.
  3. From the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
  4. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
  5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
  6. Enter information in the memo section so you know why you made the journal entry.
  7. Select Save and new or Save and close.

 

Also, I have a link that you can read for additional guidance in moving funds between accounts: Transfer funds between accounts.

 

Don't hesitate to comment below if you need further assistance in transferring funds from one account to another. I'm always here to help. Have a great day.

rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

Thanks so much, I'm very confused, our QBO is not connected to the actual bank, so do I still need to write a check from one account to the other?  As in Bank A was the wrong bank acct and I it should have came from Bank B, so does Bank A need to write a check to Bank B then? 

rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

Also problem is wrong acct is QBO and right acct is from QBD, I would love to do the transfer funds but 2 different QB's. Thanks for your help

MichelleBh
Moderator

I Paid from wrong business account Need to journal enter this

Thank you for providing more information about your issue, @rock and roll. It greatly aided my understanding of your concern.

 

I have a solution for dealing with these incorrect bank account issues in QuickBooks. I'd be happy to outline the complete steps to assist you.

 

You'll need to record money out in QuickBooks Online and money in in QuickBooks Desktop. With this, I'd suggest creating a check in QuickBooks Online. Let me show you how:

 

  1. Go to the + New and select Check.
  2. Pick the Payee name in the drop-down. 
  3. In the Bank Account field, choose the account from which the money will be taken.
  4. Choose the account the money is going into from the Category column.
  5. Click Save and close.

 

Once done, record a bank deposit in your desktop company. Follow the steps below: 

 

  1. On the Homepage, select Record Deposits.
  2. Select an appropriate account in the Deposit To field. 
  3. Enter a Date and a Memo for future use. 
  4. Complete the Received FromFrom Account, and Amount columns. 
  5. Click Save and Close

 

For more details, see this link: Record and make bank deposits in QuickBooks Desktop.

 

Remember to reconcile your accounts on a regular basis to ensure that your books are always up to date.

 

In addition, check out the following articles to learn how to transfer funds between businesses and manage vendor transactions:

 

 

If you have other concerns about your bank accounts, tag me in your reply. I would be glad to work with you again. Have a great day ahead, and always stay safe.

rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

Hello MichelleBHh  Thank you for this, question on this though. Since my QB's are not tied to a real bank, do I still need to have the boss transfer funds from one bank account A to the correct bank account B. OR keep in the wrong account it was taken out of and just do what you suggested with the check vs deposit slip. 

DHeraV
Moderator

I Paid from wrong business account Need to journal enter this

Hi there, @rock and roll.

I'm here to share information about dealing with incorrect bank account issues in QuickBooks. 

Since your QuickBooks are not tied to a real bank, you don't have to transfer funds to the correct account. You can directly perform the steps provided by my colleague @MichelleBh while keeping the account being used.

Moreover, I'll also share this link where you can search for articles that can serve as your reference to guide you on how to enter expenses, pay bills, write checks, and manage suppliers in QuickBooks: QuickBooks Online Expenses and Vendors Help Articles.

Feel free to leave a reply if you have additional queries about managing bank accounts in QuickBooks. The Community team always has your back. Have a good one!

rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

That sounds good but if QBO is the wrong bank account and QBD is where one I should have paid that vendor from  shouldn't I do the other way around as in write a check from the right account to pay back the wrong account? 

rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

Again thank you but I'm still confused, The right account is in QBD and the wrong account (the one I paid the vendor) was QBO, so is this still correct to make a check out of QBO and Depoist into QBD? 

ReymondO
QuickBooks Team

I Paid from wrong business account Need to journal enter this

Thanks for getting back to this thread, @rock and roll.

 

Allow me to join in this conversation and answer your queries in QuickBooks. 

 

If the transaction happens in real life, then I won't suggest transferring the funds since this won't match your financial statement. 

 

If the payment was just posted under the wrong account in QuickBooks but was correctly deposited in your actual bank, then you can delete the payment and recreate it. If you want to keep the transaction, then you can follow the suggestions above. 

 

If you're still not sure about the process, I'd highly suggest getting in touch with your accountant. They can provide with further guidance in making sure books is accurate. 

 

Don't hesitate to ask more questions if ever you need more help with QuickBooks. We'll make sure everything is sorted out.

rock and roll
Level 3

I Paid from wrong business account Need to journal enter this

Thank you for your help, 

Nicole_N
QuickBooks Team

I Paid from wrong business account Need to journal enter this

You're welcome, @rock and roll

 

We're glad to hear that my colleague was able to help you with your concern.

 

Know that you can always visit our Help articles page for reference. There, you can read useful information that will guide you in your future tasks.

 

Should you need further assistance or if you have additional questions about using the QuickBooks product, let me know in the comment below. I'd be glad to help. Take care always.

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