How to Correct a Payment Applied to the Wrong Customer in a Prior Month that has been Reconciled


1.       Find the deposit in question, print it and delete it. You need to be sure that you know what checks comprise the deposit, the final totally, and the actual date of the deposit.

2.       If there are any line additions to the deposit that were not customer payments, you will have to re-enter those as QB will not store that info

3.       Once you have printed and deleted, go to the payment that was mis-applied

4.       Change the customer from the current incorrect on to the correct one, then apply the payment

5.       Double-check that the date remains the same

6.       Save & close

Then return to Make Deposits:

1.       Select the items that comprise the original deposit noting that the corrected customer payment now appears

2.       Verify the amount of the deposit and the original date

3.       Save & close

To “fix” the now-altered Bank Reconciliation

1.       Get your last bank statement out

2.       Go to reconcile and select the bank account you wish to correct

3.       Enter the ending balance from the statement into the ending balance window in QuickBooks

4.       CHANGE the reconcile date back to the date of the last statement (5.31.12, for example)

5.       CHANGE the date of the bank statements and the interest earned windows down below

6.       Select continue

7.       Clear the deposit that you just corrected

8.       If you are in balance, select reconcile now

These steps will correct the application error, correct the deleted deposit required to fix the error and re-reconcile the bank account so that your beginning balance on your next statement will be accurate.
If you still have questions, feel free to give the QuickBooks Gal a call! 775-348-9225

Comments

  1. AmberAugust 23, 2012 at 8:38 AM

    This comment has been removed by the author.

    ReplyDelete
  2. UnknownAugust 23, 2012 at 8:39 AM

    That seems complicated at first, but isn't too bad!

    ReplyDelete

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