Redeposit Monies back into accout
US QuickBooks Premier : 2009: Nonprofit
how do I register a deposit from monies I wrote a check to manage Resourse table and return back into account?
1
21
aoULxSrMur3QVhacfA8pyY
2 Replies
ProCPA
Questions asked: 0
Questions answered: 919
Points earned: 4266
Questions answered: 919
Points earned: 4266
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Allstar
Advisory council of community power users.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
05/21/09 8:19pm PDT
If you write a check for a deposit and the deposit is refundable, then you have an asset. When you wrote the check you should have selected a deposit (asset) account as opposed to an expense account. Then when you receive a check refunding the deposit, you debit cash and credit the asset deposits.
If you recorded the deposit as an expenses (which is highly likely), then you need to credit that expense account. You will make the deposit and select the appropriate expense account as opposed to an income account. This will debit cash and credit expenses.
PLEASE MARK THIS QUESTION SOLVED.
If you did not ask the question but find the answer helpful – CLICK THE PLUS SIGN
Your FEEDBACK IS IMPORTANT to me so I can evaluate how well I am answering your questions.
05/22/09 4:17am PDT
Latest post
Topic is verywell covered by PRO CPA, however this Question does not rais a quickbooks issue, it is more of an accounting method that you apply in your orgnization.
