For a special situation, how to categorize a check I need to write?

cacampbell
cacampbell Member
A person wrote ME a check but it should have been written to another individual. I recorded the payment as income and I now need to write a check to refund that payment. to the correct person. How do write a check to avoid showing it as an expense or income. This is similar to a "transfer"... I need to transfer the check amount from my account to another person that I do not maintain an account for.

Best Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Answer ✓
    Whatever category you used when you recorded/deposited that 1st check ... use the same category when you write the new/replacement check.
    The 2 will offset each other and thus result in $0 for Income/Expense.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Answer ✓
    You just write the check and enter it with the same income category that you put on the wrong deposit so it cancels out.  It is not a transfer in your Quicken account.  Or change the deposit to another category and put your payment to the same category.  

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Answer ✓
    Whatever category you used when you recorded/deposited that 1st check ... use the same category when you write the new/replacement check.
    The 2 will offset each other and thus result in $0 for Income/Expense.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Answer ✓
    You just write the check and enter it with the same income category that you put on the wrong deposit so it cancels out.  It is not a transfer in your Quicken account.  Or change the deposit to another category and put your payment to the same category.  
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