LA GL - Adjusting Entry: for Bank Error

If the money actually went out of your bank account, but was not recorded in Logos, make an entry showing the money left your account: 

 

  1. Create an adjustment on the Checks tab of your Bank reconciliation, by clicking the Add Chk/Adj button. The following link has information on how to do this:c Add an Adjustment through the Bank Reconciliation Process
  2. (OR) Create a Cash Disbursements (CD) journal entry, under General Ledger -> Individual Transactions. Note: if you use this option, you must give your entry some kind of check number, which can be arbitrary, but must be unique. To do this, I would recommend marking the “EFT” check box, in the transaction entry (this will assign the next EFT number in sequence). 

Your entry should be dated on the date the money was withdrawn from your account. 

If the money went out of your bank account, then you will Credit your bank account, and you must choose an account to debit (e.g., a Miscellaneous Expense).  

 

When the money is refunded to your account, you can do the opposite Debit the bank account and credit an Income account (dated when the money is refunded to your account). 

 

  1. If you used the bank reconciliation adjustment, create another from the Deposits tab of the bank reconciliation (Add Dep/Adj). 
  1. If you originally used a CD entry, create a Cash receipts entry, either under Individual Transactions, or using the Deposit Assistant

 

This time, you will Debit the bank account (to show money coming back in to your bank account), and credit whatever account your first entry debited. 

 

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