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cultivatelearning
Level 1

Direct deposit recorded in wrong account in QB Onine

I ran my first direct deposit for paying myself (scorp and only employee), however I didn't notice ahead of time that it recorded the direct deposit payment and taxes into the wrong account in QuickBooks. I have since fixed this for upcoming direct despoits. However, since this has already been processed I can't figure out how to fix it. Do I need to create something to zero out the account to off set those recordings? I'm just a little confused this is my first week inside of this program, thanks for any help.

3 Comments 3
john-pero
Community Champion

Direct deposit recorded in wrong account in QB Onine

Unless you are going to physically move money from one bank account to another in the real world to correct the withdrawal of funds from the wrong account or deposit to the wrong account what's done is done. If the net pay did in fact go back into a business account you will want to transfer both in QB and in real world to a personal account.  Although net pay and taxes should both be credited out of business banking and do not necessarily have to be from same account, QB will only deduct from one account but can direct deposit into two accounts for your net.

 

If you make  real money movement you can record it in QB as a check or a transfer (if intended bank account is "in" QB) 

cultivatelearning
Level 1

Direct deposit recorded in wrong account in QB Onine

I think I might have described this incorrectly, let me try again.

 

The actual direct deposit ran smoothly and came out of my business checking account and into my personal checking account.

 

The only problem was in QB's it recorded the direct deposit coming out of my business savings account (only in QuickBooks not in my actual physical bank account). I can't edit the information in this recording ,or at least I can't figure out how to edit it, because it has already been processed. 

Candice C
QuickBooks Team

Direct deposit recorded in wrong account in QB Onine

Good Morning, @cultivatelearning.

 

I'm here to point you in the right direction of how to resolve your Direct Deposit issue. The most precise way to fix this problem is to create Journal Entries to move it from the wrong account to the correct one. If you need help with determining what you should debit or credit inside the Journal Entry, I recommend consulting with your accountant to be sure. 

 

Below are two links that could come in handy for you in the future with your Direct Deposits.

Should you need any further assistance, don't hesitate to reach back out. I'm only a post away.

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