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U
usertom
November 5, 2020
Question

Expense Deleted From Short Term Borrowings

  • 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

11 replies

G
GeorgiaC
Level 13
November 5, 2020

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
November 5, 2020

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

 

 

IamjuViel
IamjuViel
Level 8
November 9, 2020

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.

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