Paid VISA from wrong checking account

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FBCMoyock
Posts: 74
Joined: Fri Nov 06, 2009 9:28 am

Paid VISA from wrong checking account

Post by FBCMoyock »

I paid our Visa bill from the wrong checking account. Normally I would Credit the 01 account and debit the 2400 series liability accounts for each cardholder. My solution to the mistake was to Credit the 02 account (wrong account) and debit the 01 liability accounts for each cardholder. Then I did a transfer from the 01 account to the 02 account to get the balance correct in the 02 account. The 02 account shows the transfer in, but doesn't show the expense, so it is over balanced.

My 01 account ended up balanced correctly, but my 02 account is over by the amount of the transfer. If I delete the transfer, then my 01 account is over.

Hope this makes sense. HELP!

Zorak
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Re: Paid VISA from wrong checking account

Post by Zorak »

We will probably need more specific examples of what was entered in each of the transactions you are referring to.

FBCMoyock
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Re: Paid VISA from wrong checking account

Post by FBCMoyock »

I have reversed the transactions, so if you could tell me the right way it would probably be simpler. This is what I originally put in.
02-1210 Bldg Ck Credit 1201.96
01-2420 Visa-Mark Debit 293.45
01-2421 Visa-Heather Debit 50
01-2422 Visa-James Debit 858.51

TRANSFER
01-1110 Main Checking Credit 1201.96
01-9020 Transfer Out 02 Debit 1201.96
02-1210 Bldg Ck Debit 1201.96
02-9510 Transfer in from fund 01 Credit $1201.96

Zorak
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Re: Paid VISA from wrong checking account

Post by Zorak »

Your transfer transaction would normally be correct and as we would recommend it. In this case, however, it won't do what you need.

Since the original transaction was out of balance across those two accounting funds (credit fund 02 and debit fund 01 accounts), you would also need to enter the correction as being out of balance across those two accounting funds to undo the problem.

01-1110-000 Main Checking Credit 1201.96
02-1210-000 Bldg Ck Debit 1201.96

FBCMoyock
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Re: Paid VISA from wrong checking account

Post by FBCMoyock »

Since I have reversed the transactions, what would be the best way to put them back in?

NeilZ
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Re: Paid VISA from wrong checking account

Post by NeilZ »

FBCMoyock wrote:
Thu Aug 27, 2020 6:48 pm
Since I have reversed the transactions, what would be the best way to put them back in?
OK .. you reversed the original transaction. Did you do any transfer yet?
Neil Zampella

Using PC+ since 1999.

FBCMoyock
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Re: Paid VISA from wrong checking account

Post by FBCMoyock »

I reversed both the original transaction and the transfer

NeilZ
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Re: Paid VISA from wrong checking account

Post by NeilZ »

FBCMoyock wrote:
Thu Aug 27, 2020 8:45 pm
I reversed both the original transaction and the transfer
OK ... so you're back to square one? Good.

I'm going to assume that the purchases were for expenses under Operations, in which case just write the check using the correct checking account.

However, if the purchases were for items normally paid by the other checking account, write it using the 01 checking, then use the transaction that Zorak listed to move the funds from 02 to 01.
Neil Zampella

Using PC+ since 1999.

FBCMoyock
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Re: Paid VISA from wrong checking account

Post by FBCMoyock »

I guess I just outsmarted myself. Since I paid it out of the wrong account I was trying to have a full paper trail to reflect and transactions that would show on bank statements. If I would have posted from the correct account, even though I paid from the wrong account, the account balances would have still been correct because I did do a physical bank transfer to put the money back in the other account.

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