Thank you so much for taking the time to watch and comment! I am glad it helped save you time. I was amazing how simple this really was for most businesses!
Glad to know this works for you. We have 2 bank accounts but DD payroll comes out Truist. I manage to stop the DD to stop posting in our BOFA account but the pass transactions cant be edited. BOFA register is keeping the DD even though that account never paid Direct Deposits. Why would QBO record DD from the wrong account. Its stupid. Bofa account shows negative in the balance sheet and I cant fix that. I think am dropping them. Too much stress.
If you follow the instructions in this video it will help you solve the issue. Or if you prefer, reach out and connect with me and I can show you how to do it OR just do it for you if you like. Usually this happens when the bank is switched, or acquired or something of that nature. Here is a link to my calendar for a quick 15 min call. We can try to jump on a zoom at that time if you like or I can help answer questions over the phone: calendly.com/parkwayinc/15-minute-introductory-call Or connect with me via Facebook Messenger and we can try to set something up: facebook.com/Spotycus
There are a couple different things that this could be related to. If you mean that you cannot change the account that the check "was written from" by which I mean, payroll was processed using Checking Account 1234 inside QuickBooks BUT the actual checks were cashed out of Checking Account 5678, you will not be able to make the change inside QuickBooks from Checking 1234 to be Checking 5678. Instead what you need to do is go to the bank feed account (Checking 5678) and on each of the paychecks that processed through that bank feed, change the Category line item to list to Checking 1234 for the total amount of the Check. This will make it so you can still reconcile Checking Account 5678 and it will provide the appropriate offset amount for each check in Checking 1234 to be able to reconcile that account also when each transaction zeros each other out. If you need some additional assistance, hit me up on Facebook Messenger and we can do a quick zoom meeting to show you how to do one or two. Facebook: facebook.com/Spotycus Or Text to (805) 728-9092 and I will reach out either place to see how I can quickly help
Hey, the same issue has occurred within my project. My client mistakenly ran the payroll through the cash account, which shouldn't have happened. The actual bank used was Wells Fargo, from which the payments were supposed to be made. So, from July to September, it was processed through the wrong account. From October onwards, it was processed correctly. Now, I just want to change the bank for the previous months. How can I do that? Please help me.
Unfortunately there is not a way to quickly change where the transactions were “paid out of”. The best way to fix this is to go to the correct bank account where the checks came through the bank feed and categorize all of those transactions to the cash on hand account. This will make it so the reconciliation of the account is still good but each transaction will offset the actual paycheck stuck in your cash on hand account. Once all have been moved, the account balance should be back to zero unless you use the cash on hand account for other items.
Quickbooks doesn't let me edit old paychecks. Mine says I have to contact QB to edit the paycheck, because "tax forms have been filed." How come some people can use this method, but I can't?
Hi Anne! Thank you for watching and commenting! The process that I am suggesting does not require you to edit a paycheck at all. On purpose you leave the paycheck in the wrong bank account and then move the bank feed payments that cleared through the correct account to be categorized to the wrong bank account instead of toward the payroll payroll expenses account. This will start to zero out the wrong account without breaking the reconciliations in the good account. If you have additional questions, each out to me on Facebook Messenger facebook.com/Spotycus or setup a phone call here: calendly.com/parkwayinc/15-minute-introductory-call I hope this helped!!
@@chriswahlgren5713 it is not possible at the check level. This is the purpose of the video. I know it sucks but it is how it works once the check is processed.
You would still edit this in the same place even if you are not using direct deposit. With paper checks, the payroll account could still be pointing to the wrong account even if you are writing the checks out of the correct account.
That is a great question! I personally hate the transfer functionality in QBO as you cannot do as much with it in reporting or the accountant tools. My only concern using a transfer would be the program expecting to see both sides of a transfer. Otherwise, it should work the same.
I'm working on a project to correct this exact issue and this is much easier than what I have been doing... THANK YOU!!
@chrissyhirsh9456 Your comment just made it worth making this video!! I am glad to hear this has helped someone out!! Thank you for watching!!
This will be my go to video for anyone who needs to fix this situation in their books Matthew. Thank you!
Thank you so much @KathyGrosskurth! Coming from you that truly means a lot to me!!
You have nooooo idea how much time you just saved me!!!! TY TY TY TY!❤
Thank you for letting me know! Comments like yours are what keep me making content.
Saved me so much time and stress! Thank you.
Thank you so much for taking the time to watch and comment! I am glad it helped save you time. I was amazing how simple this really was for most businesses!
Great Information and easy to understand. THANK YOU!
Glad it was helpful!
Glad to know this works for you. We have 2 bank accounts but DD payroll comes out Truist. I manage to stop the DD to stop posting in our BOFA account but the pass transactions cant be edited. BOFA register is keeping the DD even though that account never paid Direct Deposits. Why would QBO record DD from the wrong account. Its stupid. Bofa account shows negative in the balance sheet and I cant fix that. I think am dropping them. Too much stress.
If you follow the instructions in this video it will help you solve the issue. Or if you prefer, reach out and connect with me and I can show you how to do it OR just do it for you if you like. Usually this happens when the bank is switched, or acquired or something of that nature.
Here is a link to my calendar for a quick 15 min call. We can try to jump on a zoom at that time if you like or I can help answer questions over the phone: calendly.com/parkwayinc/15-minute-introductory-call
Or connect with me via Facebook Messenger and we can try to set something up: facebook.com/Spotycus
Is it alright to do this even if the correct account has been reconciled already?
So helpful! Thank you!!
Hi @ShirahLane!
Thank you so much for watching and leaving a comment!!
Thank you, Matthew.
Glad this could help!! Thank you for watching!!
Very helpful!
Thank you for taking the time to comment!!
It doesn't allow me to change the account or edit the paycheck from the register
There are a couple different things that this could be related to.
If you mean that you cannot change the account that the check "was written from" by which I mean, payroll was processed using Checking Account 1234 inside QuickBooks BUT the actual checks were cashed out of Checking Account 5678, you will not be able to make the change inside QuickBooks from Checking 1234 to be Checking 5678. Instead what you need to do is go to the bank feed account (Checking 5678) and on each of the paychecks that processed through that bank feed, change the Category line item to list to Checking 1234 for the total amount of the Check.
This will make it so you can still reconcile Checking Account 5678 and it will provide the appropriate offset amount for each check in Checking 1234 to be able to reconcile that account also when each transaction zeros each other out.
If you need some additional assistance, hit me up on Facebook Messenger and we can do a quick zoom meeting to show you how to do one or two.
Facebook: facebook.com/Spotycus
Or Text to (805) 728-9092 and I will reach out either place to see how I can quickly help
Hey, the same issue has occurred within my project. My client mistakenly ran the payroll through the cash account, which shouldn't have happened. The actual bank used was Wells Fargo, from which the payments were supposed to be made. So, from July to September, it was processed through the wrong account. From October onwards, it was processed correctly. Now, I just want to change the bank for the previous months. How can I do that? Please help me.
Unfortunately there is not a way to quickly change where the transactions were “paid out of”. The best way to fix this is to go to the correct bank account where the checks came through the bank feed and categorize all of those transactions to the cash on hand account.
This will make it so the reconciliation of the account is still good but each transaction will offset the actual paycheck stuck in your cash on hand account. Once all have been moved, the account balance should be back to zero unless you use the cash on hand account for other items.
Great It worked out. Thank you
Great to hear! Thank you for watching the video!!
I think this it I will try and let you know
Awesome! I hope this helps you!!
Thank you. You're awesome.
Quickbooks doesn't let me edit old paychecks. Mine says I have to contact QB to edit the paycheck, because "tax forms have been filed." How come some people can use this method, but I can't?
Hi Anne!
Thank you for watching and commenting!
The process that I am suggesting does not require you to edit a paycheck at all. On purpose you leave the paycheck in the wrong bank account and then move the bank feed payments that cleared through the correct account to be categorized to the wrong bank account instead of toward the payroll payroll expenses account.
This will start to zero out the wrong account without breaking the reconciliations in the good account.
If you have additional questions, each out to me on Facebook Messenger facebook.com/Spotycus
or setup a phone call here: calendly.com/parkwayinc/15-minute-introductory-call
I hope this helped!!
Wow, thank you so much for the reply! I will try this on Monday and if I'm still stuck I'll contact you. Really appreciate it!! @@Parkwayinc
I'm trying this too. I just wanted to "edit" which checking account paycheck was paid from
@@chriswahlgren5713 it is not possible at the check level. This is the purpose of the video. I know it sucks but it is how it works once the check is processed.
What if I dont use direct deposit? Banks around us will only DD if employee has an account with them. Can I edit this elsewhere?
You would still edit this in the same place even if you are not using direct deposit. With paper checks, the payroll account could still be pointing to the wrong account even if you are writing the checks out of the correct account.
Does it make any difference if you just record it as a Transfer?
That is a great question! I personally hate the transfer functionality in QBO as you cannot do as much with it in reporting or the accountant tools. My only concern using a transfer would be the program expecting to see both sides of a transfer. Otherwise, it should work the same.
Millon thanks to Matthew. This error kept me awake so many nights.
I am truly glad we were able to help out!! Thank you for watching and commenting!!
This is a great video. Thank you for helping us!
I am glad this video was able to help! Reach out if you have any additional questions!!