Cashed GIC - negative balance sheet and P&L

Hi there, 

Running your business with QuickBooks is such a convenient way to save time and effort with all your accounting tasks. I know how important it is to make sure you've entered all the information correctly so that your bookkeeping is accurate. I'd be happy to point you in the right direction for support with this. 

For matters involving accounting advice, it's always best to consult a professional. I'd encourage you to reach out to your accountant to make sure you're given the best possible advice for your bookkeeping needs. 

If you're not already connected to an accountant, you can find one in your area here: Find a ProAdvisor. The best thing about ProAdvisor accountants is that they're trained and certified in QuickBooks, so they'll be familiar with the methods you're able to use. 

I hope this helps get you back on track. If you need any assistance implementing your accountant's advice, please don't hesitate to reach out to our tech support team. 

Have a great day.

Hi,

I'm really just looking for advice on bookkeeping, not on the accounting side. I just want to know if they way I entered the cashed GIC is correct and why it's giving me a negative balance on my net income. Is the money from the cashed GIC supposed to show up as income? Thanks!

That's something best asked to a professional bookkeeper, Rania008. I want to make sure you're given the best advice and direction possible, and a bookkeeper or accountant will be able to provide that information for you. Whether or not the money from the cashed GIC should be income is something I'm confident they'll be able to answer for you.