Journal bank accounts

Hi Guys,

I have made a journal entry to move £56.66 from my Current Account to my main account. This was because I realised I made an error when paying in a cheque to the wrong account. However I see that rather than debiting my Current Account with the 56.66 it has credited the current account with 56.66 to it and removed (debited) the money from my main account.

I have checked my Journal entry and it appears to be correct, but Quickfile appears to have reversed what I have entered?

Can you assist or advise please?

Many thanks

Edgers

That’s because in double-entry accounting debits and credits are reversed for bank accounts. It’s confusing I know, but that’s how it’s always worked. If you reverse the figures on the journal you should be fine.

Many thanks… yes confusing!

I have now changed this as you advised and it is all correct! Wonderful!

Thanks you again.

Edgers

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