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Level 1

How do I clear out the negative amount on the A/R Aging report?

I have negative amounts that keep showing up on my A/R aging report from previous bookkeepers.

A customer over paid on an invoice and it was marked to leave for use at a later time. Then a credit memo was created for the over payment and a check was cut. Now it keeps showing up as a negative on the A/R aging report and on the customer account. I am not sure how to clear this up. This was from a previous year so I am not sure how to go about taking care of this without it changing the financials for 2015. Can someone tell me how to clean this up?

Thank you

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Best answer 12-10-2018

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Level 15

"A customer over paid on an invoice and it was marked to...

"A customer over paid on an invoice and it was marked to leave for use at a later time. Then a credit memo was created for the over payment"

That is the error. The overpayment already created negative AR. They just Doubled the negative.

"This was from a previous year so I am not sure how to go about taking care of this without it changing the financials for 2015. Can someone tell me how to clean this up?"

You need an Invoice for this. Whatever was used on the credit memo, use that same Item for the Invoice and then apply the credit to this invoice. Date it current.


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8 Comments
Highlighted
Level 15

"A customer over paid on an invoice and it was marked to...

"A customer over paid on an invoice and it was marked to leave for use at a later time. Then a credit memo was created for the over payment"

That is the error. The overpayment already created negative AR. They just Doubled the negative.

"This was from a previous year so I am not sure how to go about taking care of this without it changing the financials for 2015. Can someone tell me how to clean this up?"

You need an Invoice for this. Whatever was used on the credit memo, use that same Item for the Invoice and then apply the credit to this invoice. Date it current.


View solution in original post

Level 1

That worked. There is only one problem with that. It is g...

That worked. There is only one problem with that. It is going to overstate our actual income for this month / year by creating an invoice like that.

Is there anyway to do a journal entry to fix this without affecting the income?
Level 1

Thanks!   This worked perfectly

Thanks!   This worked perfectly
Level 15

"Is there anyway to do a journal entry to fix this withou...

"Is there anyway to do a journal entry to fix this without affecting the income?"

Never use a JE for AR. You can do what you need on a Credit Memo or Invoice, and you use the ITEM there that meets your need.

"There is only one problem with that. It is going to overstate our actual income for this month / year by creating an invoice like that."

This person left Funds on hand = negative AR. That is income to you. Their Credit Memo already reduced Income that year, or by whatever account their Item is linked to. That is why I suggested using that Same Item on your invoice.

Run all of this past your CPA. You can control this by which Item you put on the invoices. Don't use JE for AR, AP, Sales Taxes, Inventory or QB Payroll.


Level 1

Re: "A customer over paid on an invoice and it was marked to...

Hi, i also get the same negative on a/r aging report but mine are all deposits. I dont know how to remove them. If i make an invoice and invoice payment from same amount of deposit that is negative in aging reports, it still sits there. Should i delete it? 

Moderator

Re: "A customer over paid on an invoice and it was marked to...

Hi @Jmp17,

 

As I have checked, this seems to have been answered by my colleague MarkR.

 

Here's the link for the answered provided with your previous question.

 

 

 https://quickbooks.intuit.com/learn-support/en-us/other-questions/re-in-my-a-r-aging-report-it-shows...

 

Have a nice one.

Level 2

Re: How do I clear out the negative amount on the A/R Aging report?

I have a negative balance that 1/2 of I can invoice for and the other 1/2 doesn't exist, it was an error and never deposited. it was a duplicate entry, no money backing it.

Moderator

Re: How do I clear out the negative amount on the A/R Aging report?

Good day, Loren62.


You can delete the duplicate transactions. Then, link the other half to the correct invoices. Let me guide you how:

 

Please follow these steps to delete the transactions:

 

  1. Click the Reports menu located at the top.
  2. Select Customers & Receivables, and then select A/R Aging Detail.
  3. Double-click the negative amount.
  4. Select the duplicate transactions.
  5. Click the Delete button.
  6. Select OK in the Delete Transaction window.

 

 

 

On the other hand, here are the steps to link the invoices:

 

  1. Open the invoice, and then click Receive Payments.
  2. In the Customer Payment window, select Apply Credits.
  3. Select the available credits to be applied.
  4. Click Done.

You can check this article on how to deposit the transactions: Record and make Bank Deposits.

 

There you go. I'm always around if you need my help in depositing the transactions.

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