QuickBooks has many things that it does so well and with ease. It is also a wonderfully flexible in terms of correcting errors. There are other things however, that sometimes make you want to pull your hair out.
One of those aggravating things is correcting an error on a deposit that you have already made. There are several reasons that this is problematic. First, if you have already reconciled your bank account or produced financial statements that depend on this deposit, repairing the problem can not have any effect on the above. There is also the trap of having inaccurate customer balance records.
This article gives you step by step guidance on how to handle this difficult task.
CAUTION – The most important thing to remember is to not change the total of the deposit, especially if you have already reconciled your bank account.
Now we can go ahead and get this done! Here are the steps:
- Back up your company data file before you begin
- Select and open the deposit that is not correct
- Enter a new line on the bottom of your deposit and in the “From Account” section select an account where that are temporarily going to use to fix the deposit. I would suggest adding a new expense account called “Bank Deposits Fixed” so that if you do not do everything correctly the account will appear with a balance. But don’t worry because if you follow these steps, nothing will stay in the new account!
- Enter the amount of the payment you are fixing in the new Bank Deposits Fixed account
- Delete the incorrect customer by selecting edit delete
- Before you go any further, make sure the deposit total is exactly the same as when you started
- Now enter the correct payment as you normally would – make sure you use the correct date and not the current date
- Go back to the deposit we changed above
- Select payments and check the one you just did from the corrected customer
- Delete the temporary line we used for Bank Deposits Fixed that we created earlier
- Make sure that the total of the deposit is the same
Viola! You are done!
Adopted from Michelle L. Long CPA 5/1/13 Blog Post and Video