We create a chart of account to record expenses of a trip. Now we have this account with a negative value and we need to put this value at zero and return the value to the person (employed) who paid this travelling expenses.
If we transfer this value to an bank account like an expense and then make a transfer for the employed the bank account have this negative value twice.
We don't think that delete this account is correct because we need to justified the payment we want to do to the employee for these expenses.
Thank you for providing on-point details about your concern and a screenshot above, @RitaSPL. These help me determine the root cause of this issue. Also, I'm here to help you handle with offsetting the negative value of your account used for travelling expenses.
The CLP currency account may have no opening balance when it was created. It may cause a negative amount when you record expenses of a trip. That's why the account's QuickBooks Balance is showing -102,251.
To help fix this, you can set up a clearing account to offset the negative value of the CLP account. Then, create a journal entry to transfer the value from the CLP account to the clearing account. Before that, I'd suggest consulting your accountant to determine the appropriate account and detail types for this. Also, they can help you assist with creating a journal entry. Once verified, proceed with the steps below.
After that, run and customize the Transaction Detail by Account report. This lets you review your employee reimbursements in the program. For more details, see the How to check your employee reimbursements section through this article: Reimburse An Employee.
Furthermore, it's a great business practice to avoid mixing business and personal expenses. But there may be times where it's necessary. With this, I recommend visiting this article: Mixing Business And Personal Funds. Just click the two links under the Mixing business and personal funds - owners or partners section.
I'm always here to lend you a helping hand if you need anything else. Have a great rest of your day, @RitaSPL.
1. I already talked to our accounting and then I did all the steps, but now I have this travel account with a double negative amount after I transferred the amount to the new account I created.
2. Regarding to the new account i have this another with the negative value in GBP that was transferred from the first account.
My goal is do not have any value at all in this accounts.
3. To make payment to the employee if I make a Journal Entry my new account stays at a double negative value too.
I appreciate you for coming back with detailed information on your concern, @RitaSPL.
I've also re-read your previous post and it seems like you've created this expense account to track your employees reimbursable trip expenses.
In this case, you'll need to enter the opening amount in the expense account as suggested by my peer @RaymondJayO. Since you're unable to enter it anymore, you'll need to create a journal entry for this. Here's how:
To make sure your books are accurate, I'd recommend consulting an accountant.
For your reference, feel free to check out this article for more guidance: Reimburse an employee. It helps you learn about how to reimburse employees' business-related expenses in QuickBooks Online.
Let me know if you have other concerns. We're always delighted to assist you some more.
Thank you for your response.
Initially I had an account with a negative amount. This account was created to mark all the expenses that an employee made on a business trip. Now, I want to pay this employee and I think it is not correct to have an account with a negative amount.
I talked with our accounting and performed all the steps proposed by Raymond and a journal entry for the expense. But now I have my first account with expenses for the trip with a double value (capture that I send) and I have a new account - Barter Account - with the same problem. In my bank account i have one expense regarding the journal entry but then when i do the bank transfer and reconcile this account i has a double value too.
I appreciate you for getting back to us, @RitaSPL.
I can get you the support you need to get back on track as quickly as possible. Since the problem persists after following the steps provided by my peers, I suggest you proceed with contacting our QuickBooks Customer Care Team.
One of them will need to take over and check your account in a more secure space. By getting in touch with them, we'll be able to ensure that figures will show correctly on your QuickBooks.
Here's how you can reach them:
I've also included some articles in case you need some ideas about processing payroll, as well as how the Chart of Accounts works:
Please let me know if there is anything else I can do to help by clicking the Reply button below. Have a great weekend ahead.