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Level 1

Recording overdraft

Do I need to record an arranged overdraft in QB?  Or does QB just show a negative bank balance if the overdraft is used?  Thank you.

Solved
Best answer 08-13-2018

Accepted Solutions
QuickBooks Team

Re: Recording overdraft

Hi NatalieB,

 

Welcome to the UK Community Page for QuickBooks Online.

 

The Banking section, and the Accounts section will show a negative bank balance if you are charged successfully for transactions and they take you into your overdraft. You could speak to your accountant if you are unsure of anything about the overdraft.

 

In my experience, i don't think I've seen Accounts called "Overdraft", most people just include that as part of the banking balance and if it's minus, you're in your OD.

 

How this helps - Please, feel free to ask any other questions you may have.

 

View solution in original post

3 REPLIES 3
QuickBooks Team

Re: Recording overdraft

Hi NatalieB,

 

Welcome to the UK Community Page for QuickBooks Online.

 

The Banking section, and the Accounts section will show a negative bank balance if you are charged successfully for transactions and they take you into your overdraft. You could speak to your accountant if you are unsure of anything about the overdraft.

 

In my experience, i don't think I've seen Accounts called "Overdraft", most people just include that as part of the banking balance and if it's minus, you're in your OD.

 

How this helps - Please, feel free to ask any other questions you may have.

 

View solution in original post

Level 1

Re: Recording overdraft

Thank you, makes perfect sense.

QuickBooks Team

Re: Recording overdraft

I'm glad i could help NatalieB,

 

Don't hesitate to give us a shout if you have any other questions at all!