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How to I fix the YTD amount in the a carry over payroll advance to show zero and not affect the GL account? The GL is correct however the ytd amount shows a negarive.

I created a carry over emploee advance item for employees taking a long term loan.  The employee repaid the advance over a number of months.  The YTD amount is now showing negative on the payroll screen and paystub.  The employee did not over pay.  The correspinging GL balance sheet account is correct.  Just what is showing on the stub/payroll screen in incorrect.  How do I zero the balance on the payroll screen without affecting the G/L.

Best answer 03-26-2019 09:25 AM

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Super Contributor ***

Re: How to I fix the YTD amount in the a carry over payroll advance to show zero and not affect the GL account? The GL is correct however the ytd amount shows a negarive.

If you don’t clear the loan in the same year in which it began and it carries over to the next year, then there will be a -YTD amount because it represents only the transactions that have occurred in the current year.  You can’t ‘fix’ it and you shouldn’t as it is correct.  If there is no more loan activity in the current year or no loan carryover amounts going into next year, your YTD amount will clear to zero next year. 

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Super Contributor ***

Re: How to I fix the YTD amount in the a carry over payroll advance to show zero and not affect the GL account? The GL is correct however the ytd amount shows a negarive.

If you don’t clear the loan in the same year in which it began and it carries over to the next year, then there will be a -YTD amount because it represents only the transactions that have occurred in the current year.  You can’t ‘fix’ it and you shouldn’t as it is correct.  If there is no more loan activity in the current year or no loan carryover amounts going into next year, your YTD amount will clear to zero next year. 

Active Member

Re: How to I fix the YTD amount in the a carry over payroll advance to show zero and not affect the GL account? The GL is correct however the ytd amount shows a negarive.

Thanks Rochelley.  That makes sense.