Expense Deleted From Short Term Borrowings

Hi Tom,

Thanks for the detailed explanation there. You can record expense transactions to liability accounts whether the account has a positive or negative balance, so this shouldn't be causing an issue. Do you receive a specific error message when you do try to save this?

On the expense, are you selecting the liability account under 'Category' on the category details line? 

Hello

thanks for coming back to me, the problem I have is that it won’t let me select the payment account as the short term liabilities one, just before I emailed you it was showing in the drop down list and then when I hit save it wouldn’t go through and kept asking for an account

hope you can help

thanks

tom

Hello Usertom, 

Thanks for that information and trying, could you send us a screenshot please of the whole page so we can have a visual of what is happening to you?

Thanks 

Hey guys, 

thanks, picture attached for you, the drop down menu shown normally has the ability to select the short term liabilities as an option but it’s not there

Thanks

Hello Tom, 

Thanks for the screenshot, so the payment account you will not see the option for the short-term liability account there, you have to select an asset account or bank account in the payment account section on the expense as you don't pay something with a liability account. 

You would have seen the short term liability under the category section on the expense. If you have a look at the category list you will see the option there to select. 

if you have any more Q's you know where we are. 

Thanks for that

So I just entered the expense and it took the QuickBooks balance on my main cash account down by £5 (I only did £5 to test it), I can’t enter £950 now as it will bring down the QuickBooks balance and make it not leave with my bank balance

when I have dome expenses on the short term liabilities account in the past it has shown on the chart of accounts as a positive number and since I deleted the £950 it has dropped it down to -623

i did have the ability to use the short term liabilities as the payment account as I have done it in august while the business was setting up

I

Hello again, please find attached screen shot from the app, this shows £300 paid using the ACCOUNT of Thomas Fletcher loan which is the current liabilities one

I then tried to change it to £1250 to see if it worked so I could add on the deleted expense and it then says “invalid account type, the expense must have either a bank or card account” but you can see that I have used it As the current liabilities account before 

Hello again

here is the same expense on the main site, the balance is showing as -623.49 but the account is blank, the account used is blank but this is where it used to say Thomas Fletcher Loan

if this can’t be fixed I need to be shown another way to add the deleted expense directly onto the current liabilities so it does not throw out the main account by £950 which will then affect my profits

Hi Usertom, if it is not letting you do the expense within the expense what you can do is a journal entry to adjust the liability, that option is in the + icon in the top right under journal entry>You would need to on lin1 select the liability and enter the amount to adjust it by and on line 2 you would need to have the other side of the transaction so in this case the expense category you are using if you are not wanting to impact the bank accouint.

That’s great thank you !! I’ve now balanced it out

Can I use the same approach on VAT CONTROL ? As I am unable to edit transactions that should have had NO VAT from back in august ?

thanks

tom

Hello there, @usertom.

Yes, you can create a journal entry to make the necessary adjustment to your recorded transactions. Just make sure that the VAT element is then posted directly to the VAT control account. 

Here's how to create a journal entry:

1. Go to the New icon(+).
2. Select Journal Entry.
3. Enter the journal entry details.
4. Click the Save and Close button.

Also, I'd recommend consulting with an accountant when managing your transactions. By doing so, we can make sure that it is accurate. 

Get back to us here if you have other questions and concerns. The Community and I are always here to lend a hand.