There are generally three reasons for a negative balance after reconciling your credit cards. How can I fix this? If you could shed any further light on this issue I would be very grateful. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. ; In the Chart of Accounts, scroll down until you see the account called “Uncategorized Income” or “Uncategorized Expense”. Then used a category I named Sub-Contractor Company in the Accounting area that is defined as an Expense. For example, it might mean that customers are owed a refund. In most cases – no. It should show up as a positive accounts payable. The resultant credit from an overpayment shows the credit balance in the customer’s account - ok. Before undertaking any of these fixes in your QuickBooks file, always make a backup of your data before proceeding. Next, click the Vendor Balance Detail or Vendor Balance Summary , depending on which you need to access. A QuickBooks ® account should be established for each credit card the client has for its business. Thanks. When does a negative cash balance appear on the balance sheet? into ... QuickBooks Online, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant, QuickBooks Desktop Account, QuickBooks Payments, TSheets by QuickBooks, Other Intuit Services, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant, QuickBooks Desktop Account, QuickBooks Payments, TSheets by QuickBooks, Other Intuit Services, Accounts Receivable workflows in QuickBooks Desktop. Otherwise, check out this article for the other steps: Give your customer a credit or refund in QuickBooks Desktop for Windows. Here you want to print out a “Vendor Balance Detail” from the Reports menu – Vendors & Payables. I deleted the two Bill entries in case there was something wrong in my original entry. Go to Reports in left menu bar, then click on the search bar and scroll to select Customer Balance Summary or Customer Balance Detail. This suggests its credit rather than expense, but I definitely put it as an expense. Connect with and learn from others in the QuickBooks Community. Typically, QuickBooks shows negative values with a minus sign in front of the value. The Help desk say that this is due to 'double entry' but I do not see it accrued in the expenses so the transaction goes negative instead of zero. Simply go to the Left Navigation Bar, Click on Accounting. Navigate to the bill and select the drop down menu in the category field to the right of the account, is it showing as an expense or an income? All my expenses entries are over the same financial year. Try to disconnect the online banking and connect it back also check in chart of accounts hope this will help you . ; Then, select Chart of Accounts. The Show Negative Numbers area provides radio buttons and a check box that you can use to instruct QuickBooks to provide special formatting for negative values. It was the lady that took the screen shots as she said she wanted to refer it to more senior advisors who were only available the next morning. I can convert the steps above for QuickBooks Desktop. However, it should be in the chat records. We can not see the screen shots on the case that was created would it possible if you could add them on to the reply. If you toggle to cash basis on your B/S report the negative A/R should drop down to Retained Earnings and clear the negative A/R. If the expense accounts are not correct and you are you using expense account rather than product in the bill or expense we will need to look at the screen shots to see if we can determine why this is. Outstanding checks The relationship between QuickBooks Online and your bank is a real-time picture. Accountant's Assistant: The Financial Software Technician will know how to help. In July I received an invoice and entered it in QB Online as Bill. The resultant credit from an overpayment shows the credit balance in the customer’s account - ok. Similarly, if you have a bank account with a negative balance, it is still cash/still an asset, but with a contra-balance. Reasons for Negative Current Liabilities on a Balance Sheet. On the Accounts Payable side, you have a similar issue, where you do not want to have Bill “payments” made to your vendors that are not applied to a vendor Bill. You can delete the bill and payment. On the Accounts Payable side, you have a similar issue, where you do not want to have Bill “payments” made to your vendors that are not applied to a vendor Bill. Didn’t understand that before. Another table came into the suppliers page but now the figure is negative. QuickBooks Online, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant, QuickBooks Self-Employed, QuickBooks ProAdvisor Program, QuickBooks Online Accountant. Is there any way you can enter a negative change order in the contractors version of QuickBooks Enterprise Solutions 8.0? Let me show you the step-by-step process. Double click on the amount showing as negative and the Inventory Valuation report appears. QB help took screen dumps of this two days ago but have not got back to me. When you enter a project amount into a new job number and let's say the customer changes their mind on a couple items and wants us to reduce the amount of the contract, but you have already progressed billed more than half the job. Here you want to print out a “Vendor Balance Detail” from the Reports menu – Vendors & Payables. Sales & Then I pressed the make payment entered the payment date and confirmed the amount and saved. However, in my Expense Transactions table the amount is negative and is deducted out of my other expenses. However, in my Expenses Transactions it occurs as a negative expense, so it deducts the sum off my other expenses which is not right. Is it possible to delete the transaction and re-enter the details as I think there maybe a problem with corruption as last night the help lady was able to get my Total Transactions to include them as a positive expense but reproducing it this morning in both Total and Expense Transactions its again a negative expense. Below, are several articles, including information about Account Receivable accounts with how they work and more: Let me know if the information above does the trick. A/P is vendor balances - what you owe not a customer. If you (or someone else) deleted the original bill after you’ve paid it, then you’ll have a negative balance. I'd like to share some steps to clear up the overpayment, Jhay. In this regard, if there is an available credit or a negative amount showing in the Open Balance column for a customer, it can be dealt with by processing a r efund. ; Then, click on Run Report on the far-right. We owe a negative accounts receivable from and over payment to the client. This also contains steps to create a summary and detailed reports, as well as setting up scheduled reports. That’s because the platform sees a payment with no associated bill. Here is the response to it. Help us improve your self help experience. Negative Inventory – Negative Inventory is indicated by a yellow warning sign and a Yes/No message in the far right column. Here's a list of the most common QuickBooks problems business owners run into: You have manually written check(s) directly in QuickBooks and those checks have not yet been presented to your bank to be cashed. I have a business checking account and a 1000 Checking account. We would be grateful if you can PM us on FaceBook or DM us on Twitter with the email address associated with your QuickBooks account to enable us to locate the case relating to your phone call and the corresponding screen shots. Why would a balance sheet list current liabilities as negative amounts? Have a good one! If you’ve manually entered the credit card balance as a positive number when, creating a new account in the Chart of Accounts, on reconciling screen, your beginning balance should also be positive, not negative. Picked Sub-contractor Company Fees as the category that is within my expense category list. A negative balance in account Payable now and then implies that bills were entered and checks were composed against those bills, yet because of certain reasons, the first bills got erased or expelled. In the original Bill table it says the Bill has been paid and Balance is zero. The type of the account will be Credit Card. All checks and all deposits are in Quickbooks. Learning something new everyday. Negative Accounts Receivable. I have also a problem with my Profit & Loss report. We have found the case the email support team have escalated regarding the profit and loss and the expenses and bills but there is  no updates at the moment.We have reached out to the agent you were in contact with and are waiting currently for a reply. Thank you! The Bill table appeared under the supplier with a 'make payment' hyperlink on the right. However, one common problem users run into with this feature is an inventory value going negative. It does state on the case that the negative amounts showing are the bill payments themselves which is how QuickBooks will show these transactions. I’ll leave it as is. We'll donate $1 to WHO for every completed survey. If the debits and credits are in a single column, a negative number indicates a credit balance for that account. Clearing old accounts receivable activity, Give your customer a credit or refund in QuickBooks Desktop for Windows, QuickBooks Desktop Year End Prep and Resources, QuickBooks Accountant Year End Prep and Resources, QuickBooks Online Year End Prep and Resources, See However, the fact that the bank balance does not equal the register balance can be a big red flag and a sign of trouble in your QBO. Again, I set up the Bill as outlined in the instructions in QB books and the internet for the invoice I received. Bill transactions will show up as an expenses if you haven't applied them to a payment yet. Allow me to share some information on why you're seeing negative expense amount on your vendor's information. Once you've paid the bill, the bill-payment will show a positive amount on both Account Payable (A/P) and the transaction bank accounts when you run vendor reports. 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