Bank tagging of mis-payment

Accounting
1

Hi, I have had a payment come through on my bank account by mistake which I have refunded to the organisation that paid it. How should I tag these transactions as they do not relate to any outstanding invoices or clients etc. I have a payment coming in for £150 and then a payment going out for £150 so I just need to cancel them out but not sure how to do it correctly.

Thanks.

2

Hi,

You can just delete them from QF.

This won’t have any effect on the bank account balance because it had +150, then -150 and the result of that is 0.

Hope this helps.

3

Thanks - I didn’t think of that, makes sense!

4

Rather than deleting bank entries. You could also tag both as proprietors drawings or directors loan account transactions.

5

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