Overview Accidentally deposited personal cheque into the business account. Obviously to reslove this I transferred the cheque amount from the business chequing to the personal chequing. Now how do we fix Quickbooks to reflect this mess.
Solution
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Hi CB here are the entries: Debit Bank account $$ Credit Petty Cash $$ Then in the same entry or another: Credit Bank Account $$ Debit Petty Cash $$ These are all GJ entries, there is no attribution necessary. __________________
Colorado Springs and Eastern Washington
QB Pro 2016 used for two farms and personal
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Solution
Well, I decided to not go the Petty Cash route because it didn't accurately describe the actual transaction (i.e., the $75 did not go into Petty Cash, etc.). Here's what I ended up doing. I created a Clearing Account (acct type Bank) to be used for bank errors, etc. In Make Deposits, I added a line to the deposit of checks where I put the name of my bank in the Received From field, the Clearing Account in the From Account field, a description, and the amount, and then clicked Save. This resulted in an increase of $75 in the checking account and a -$75 in the Clearing Account. To record the online transfer of the funds out of the account, I did a Transfer of Funds from the checking account to the Clearing Account. This effectively zeroed out both. Thanks for all of your suggestions! |
04-15-2013, 11:43 AM