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Bank error

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  • Bank error

    While doing the prep work for my year end audit I found a BIG problem. A deposit slip was presented to the bank. The deposit slip had the wrong total on it. Instead of checking the math, the bank deposited the amount on the slip--to a total of an extra $300. I am going to try and get that fixed at the bank tomorrow. When I entered the transaction into QB, I used the bank receipt. My mistake.

    While trying to fix the problem in QB, I have created a situation where the PTA now shows -$1,452.14. When I try to delete this payment, QB tells me to edit the deposit. I go to edit the deposit then QB tells me to edit the payment and I get caught in this never ending circle. All I want to do is get this transaction out of QB so I can fix it. I am going to do a restore so I can start this edit process all over.

    Any suggestions or help will be greatly appreciated!

  • #2
    A general journal entry may help, but I wouldn't make any entry until you find out what the bank is going to do. Depending upon what the bank does, this may be fixable as you reconcile your next bank statement to QuickBooks.

    If the deposit was made in a prior month (a month for which you have already received a bank statement), I'm curious as to how you treated the discrepancy when you did the reconciliation for that month.
    Last edited by Lorin Browning; 07-08-2017, 12:56 PM.
    Lorin Browning, Ph. D.
    Fellow -- National Tax Practice Institute


    • #3
      After doing a lot of research and sending e-mails I was able to determine that the bank deposited the correct amount. The President that did the deposit confirmed that the deposit record she completed and gave to me was wrong. I sent her the scans to help her verify th deposit. I also reviewed the invoice associated and determined everything was correct.

      Thanks for the info. I was going to post that the issue had been investigated and cleared but I did not know when the moderator approved the original post.


      • #4
        A bank error, even in your favor, is never a good thing. Either way, it takes days, and sometimes weeks, to resolve. “Mostly, these types of errors are due to clerical mistakes or faulty technology,?€ says Justin Pritchard, a certified financial planner and banking expert.