Question

Expense Deleted From Short Term Borrowings

Forum|Forum|5 years ago
November 5, 2020
11 replies
10 views

Hello, I have accidentally deleted an expense that was part of my Current Liabilities (i loaned the business money from own account to get started in august) I have been paying back the loan and the figure is coming down that is owed, however now i have accidentally deleted the expense, the figure outstanding on chart of accounts un der the current liabilities section is now a minus figure I have tried to re-enter the expense but neither QBO or the app wont let me select the current liabilities account as i assume its in minus figures ? I really need to get the expense added back into the current liabilites account, any help please ? Tom

QuickBooks Online

G

GeorgiaC

Level 13

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?

U

usertomAuthor

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

U

usertomAuthor

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

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