Question

Expense Deleted From Short Term Borrowings

Forum|Forum|5 years ago
November 5, 2020
11 replies
3 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.

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

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