Made an error - Retained profit balance forward account | Equity | Opening Balance Equity | £40.00 | Account history
I made an error while trying to add a fuel receipt that I paid for personally (limited company). I somehow thought by adding it to equity (see below) I could add what I spend. How my quickbooks total is £40 higher than my bank balance!! Need to either delete this or off set the £40 by decreasing when it came from nowhere and made a total mistake !! arrrr! I can see it on chart of accounts as the line below:-
I have an idea about how you can correct your account. You can either delete the transaction or create a journal entry to correct your account. Let's go to your chart of account to see it.
Go to Accounting. Then, select Chart of Accounts.
Look for your equity account and then hit the View register link.
Double-click the transaction and then Delete.
If you want to create a journal entry, go to +New, and then Journal entry. This way, you zero out the incorrect account and transfer the amount to the correct one. For details, check out this guide: Create a journal entry in QuickBooks Online.
In case you need help with other banking tasks, click this link to go to our general topic with articles.
Please let me know if you still have questions or concerns. I'm always here to help. Take care and have a wonderful rest of the week.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. Doing so helps us improve our services and allows us to tailor the marketing you see on our site. Select 'Accept all' to agree or 'Manage consents' to choose which cookies we use. You can change your mind at any time by clicking the 'Manage Cookies' link.
Choose your cookie preferences
Some cookies are needed to make our website work and can't be turned off. But we need your consent to use others that are not essential. You can make your choices below and update them at any time using the 'Manage Cookies' link. To find out more, visit our Cookies Policy.
These cookies are necessary for the site to function. They also help us keep your data safe.
These cookies allow us to enhance your experience and remember your preferences, region or country, language, and accessibility options.
These cookies tell us how customers use our website. We study and organize this data to help us optimise our content and provide you with personalised experiences.
These cookies help us provide you with relevant communications and ads in our products and on other sites.