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Level 2

A check was written to the wrong company, I had to cash it and transfer money from the incorrect account to the correct one. No deposit is showing to link the invoice to

 
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Best answer May 31, 2020

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QuickBooks Team

A check was written to the wrong company, I had to cash it and transfer money from the incorrect account to the correct one. No deposit is showing to link the invoice to

Hi there, @kaneika

 

Thanks for visiting the Community today. I want to make sure you're able to link the invoice to the deposit you've made through a funds transfer. 

 

It seems to me that you have two different companies in QuickBooks Online. Since you're moving funds from one account to the other, you'll need to record a two-sided transaction by creating a Check or Expense to record the fund transfers out of one business, then receive the funds into the other business. Here's how: 

 

To transfer funds to the other company

 

  1. Sign in to QuickBooks Online (Company A)
  2. Select the +New icon, then select either Check or Expense.
  3. Choose the bank account the funds are coming from.
  4. Enter the PayeePayment Date, and the Payment Method (optional).
  5. Under Category details, select an account in the Category column. 
  6.  Enter the amount to be transferred in the Amount column.
  7. Select Save and close

 

After that, log in to QuickBooks Online (Company B). Then, make a bank deposit to receive the fund transfer from the other company. Here's how: 

 

  1. Select the +New icon, then select Bank Deposit.
  2. Choose the bank account the funds are going to, then enter the Date.
  3. In the Add funds to this deposit section, specify the funds were Received From.
  4. From the Account drop-down menu, select an account to reflect the funds coming into the business. 
  5. Enter the amount received in the Amount column.
  6. Select Save and close.

 

If you're unsure what specific accounts to use, I'd recommend consulting an accountant. 

 

Once completed, apply the deposit entry as an invoice payment. Here's how: 

  1. Go to the + New, then select Receive Payment.
  2. Pick the Customer's name. You should now see the customer's invoice and outstanding credits. 
  3. Add the Payment date, then select the Invoice you need to mark as paid in the Outstanding Transactions section. 
  4. Under Credits, choose the Deposit entry.
  5. Hit Save and Close

 

For future reference, here's an article that can help you learn about how to match and categorize the fund transfer you've made from the other company (Company A) to the transactions from your bank feeds. 

 

Feel free to message again if you need more assistance. We're always delighted to help. 

View solution in original post

4 Comments
Highlighted
QuickBooks Team

A check was written to the wrong company, I had to cash it and transfer money from the incorrect account to the correct one. No deposit is showing to link the invoice to

Hi there, @kaneika

 

Thanks for visiting the Community today. I want to make sure you're able to link the invoice to the deposit you've made through a funds transfer. 

 

It seems to me that you have two different companies in QuickBooks Online. Since you're moving funds from one account to the other, you'll need to record a two-sided transaction by creating a Check or Expense to record the fund transfers out of one business, then receive the funds into the other business. Here's how: 

 

To transfer funds to the other company

 

  1. Sign in to QuickBooks Online (Company A)
  2. Select the +New icon, then select either Check or Expense.
  3. Choose the bank account the funds are coming from.
  4. Enter the PayeePayment Date, and the Payment Method (optional).
  5. Under Category details, select an account in the Category column. 
  6.  Enter the amount to be transferred in the Amount column.
  7. Select Save and close

 

After that, log in to QuickBooks Online (Company B). Then, make a bank deposit to receive the fund transfer from the other company. Here's how: 

 

  1. Select the +New icon, then select Bank Deposit.
  2. Choose the bank account the funds are going to, then enter the Date.
  3. In the Add funds to this deposit section, specify the funds were Received From.
  4. From the Account drop-down menu, select an account to reflect the funds coming into the business. 
  5. Enter the amount received in the Amount column.
  6. Select Save and close.

 

If you're unsure what specific accounts to use, I'd recommend consulting an accountant. 

 

Once completed, apply the deposit entry as an invoice payment. Here's how: 

  1. Go to the + New, then select Receive Payment.
  2. Pick the Customer's name. You should now see the customer's invoice and outstanding credits. 
  3. Add the Payment date, then select the Invoice you need to mark as paid in the Outstanding Transactions section. 
  4. Under Credits, choose the Deposit entry.
  5. Hit Save and Close

 

For future reference, here's an article that can help you learn about how to match and categorize the fund transfer you've made from the other company (Company A) to the transactions from your bank feeds. 

 

Feel free to message again if you need more assistance. We're always delighted to help. 

View solution in original post

Level 2

A check was written to the wrong company, I had to cash it and transfer money from the incorrect account to the correct one. No deposit is showing to link the invoice to

The money was sent from Company A to Company B already via a online transfer. The transaction just shows a transfer was made and there is no way for me to edit the transaction to show it should be AR so I can then link it to the correct invoice. How do I fix this issue? 

Highlighted
QuickBooks Team

A check was written to the wrong company, I had to cash it and transfer money from the incorrect account to the correct one. No deposit is showing to link the invoice to

Allow me to join the thread, @kaneika.

 

Yes, transfer transaction won't be linked to an invoice. To tied-up the amount with the invoice, you can record the transactions manually as suggested by my colleague katherinejoyceO above. So it won't create duplicate transactions, you can exclude the transfer entry via online from the Banking page.

 

Here's how:

 

  1. Click on Banking at the left pane, then select Banking beside Rules.
  2. Look for the transfer transaction from the For Review section.
  3. Check the box beside the date of the transaction.
  4. Tap on the drop-down arrow under Batch actions and select Exclude Selected.

 

If you wish to fully delete the transaction from your QuickBooks record, go to the Excluded section and delete it from there.

 

If you need tips and related links while working with your QuickBooks in the future, feel free to read our help articles.

 

Please let me know if you need further assistance. I'm more than happy to help. Have a great day!

Highlighted
Level 1

A check was written to the wrong company, I had to cash it and transfer money from the incorrect account to the correct one. No deposit is showing to link the invoice to

how is this done in quickbooks enterprise desktop?

 

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