Question

Accounts Receivable adjustment

Forum|Forum|5 years ago
March 10, 2021
1 reply
5 views

For some reason I am showing a negative balance of .02 in a foreign currency A/R account on the balance sheet. This credit does not belong to any specific customer. It could be an exchange issue or a fractions of cents due to currency, I'm not sure but I cannot figure out how to adjust it off. It has been showing on my balance sheet since I started working with this company and it's driving me crazy. Please help!

QuickBooks Online

DivinaMercy_N

Moderator

Help has arrived, @cfitzger2603.

To fix the negative A/R amount on your Balance Sheet report. Let's first check where the .02 credit comes from. To do so, run the Customer Balance Detail Report and look for the .02 balance. Here's how:

Go to the Reports menu.
From the search bar, enter Customer Balance Detail Report.
Click the report to open.
Select the small gear icon to add another column for currency. Just tick the box for Currency.
Once done, hit Run Report.
From there, look for the .02 balance with a foreign currency.

When finished, here's the article that will further guide you on how to resolve negative A/R balance: Resolve A/R or A/P balances on a cash basis Balance Sheet.

Then, to get a list of all payments and invoices for each of your customers, you can pull up the Invoices and Received Payments Report. Just go to the Reports menu and scroll down to the Who owes you section. Then, customize it so it will only show the info you need.

If you need further assistance in fixing the negative A/R balance on your Balance Sheet, please leave a reply below. I'm just a post away. Have a great day ahead.

C

cfitzger2603Author

Thank you for your response DivinaMersy_N

Unfortunately, there is no customer with the -.02 balance. We have closed our GBP and other foreign currency checking accounts and there are no foreign customers with any remaining balance. I selected the "currency", "foreign amount" and even the "foreign open balance" columns and found nothing related to the -.02 balance. Somehow this amount is showing on my balance sheet (accrual basis) but is not reflected on any or my customer receivable reports. I have no idea how to adjust it off as I don't have a customer to apply anything to.

Any other suggestions?

JasroV

Level 8

I appreciate you for going through the steps shared by my colleague above, @cfitzger2603.

I’d like to help you and get this sorted out right away. To do so, I’ll need to look into your account which I’m unable to for security reasons. That being said, let me route you to the best support available.

I recommend contacting our Support team. They have the tools to securely look into your account and further assist you in checking where the .02 credit comes from. To reach them, you can follow these steps.

Go to the (?) Help icon.
Select the Search tab.
Click Contact Us.
Enter a brief discussion of your concern and click Continue.
Select either Chat with us (if you preferred messaging) or Give us a call.

You can also see this article for more details and ensure to review their Support hours to know when agents are available: QuickBooks Online Support.

I’ve also collected these resources that you can read for reference in managing your reports and accounts efficiently:

Keep me in the loop if you have any other concerns or questions about managing your accounts and customers. It’s always my pleasure to help and keep you in working order. Have a good one!

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