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lmgray8313
Level 1

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

It doesn't show up on the balance sheet unless I drop the MM account down before printing, then it shows.
9 Comments 9
Jen_D
Moderator

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

Thanks for posting here, @lmgray8313,

 

I want to make sure your financial reports are correct. Before anything else, how did you record the transfer? Is it done using the regular transfer option or through a journal entry? Any information about this will help me with the resolution.

 

In the meantime, make sure to review the amounts on the transactions. You can drill down the balance sheet by clicking the negative amount so it shows the transaction detail. From there you will see why it creates the discrepancy.

 

If it was a journal entry, review the accounts and ensure the debit and credit amounts balances. I also recommend reaching out to your accountant so they can take a look at the entry for corrections. Negative balances in the Balance Sheet report results from discrepancies of the amounts on the entries created. 

 

I'll be waiting for your response on this thread. I'd appreciate any additional details or screenshot you can provide. Have a good one!

lmgray8313
Level 1

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

I entered them as transfers, not journal entries.

Used the Parent Account "Money Market" instead of the sub account 11120 Money Market Restricted.

Attached is the Transaction Report.

So if I open each transaction and change the "transfer from" to the 11120 account, will that mess with the reconciliation, reports, etc?

lmgray8313
Level 1

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

I used the transfer, not journal entry.

Attached is the Transaction Report.

So I assume I cannot just change each transaction to the correct sub-account (11120) instead of the parent account as that will create reconciliation and report problems?

Adrian_A
Moderator

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

I appreciate you for getting back to us, lmgray8313.

 

When you changed the account while the Money Market account was reconciled, this will affect the transactions.

 

That being said, I'd recommend reaching out to your accountant so they can undo the previous reconciliation. Afterward, you're good to reconcile the account again.

 

I've added these references as your guide:

 

 

Let me know if there's anything that I can help. Keep safe!

lmgray8313
Level 1

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

The issue is in August 2019, so can I just unreconcile the 3 individual transactions, fix them, and rereconcile them.

 

Or do I have to unreconcile the whole month, which if I read it right help link says all months after will have to be reconciled as well?

lmgray8313
Level 1

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

The issue is in August 2019, so can I just unreconcile the 3 individual transactions, fix them, and rereconcile them.

 

Or do I have to unreconcile the whole month, which if I read it right help link says all months after will have to be reconciled as well?

JenoP
QuickBooks Team

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

Joining the thread to help with your question about correcting reconciliation, lmgray8313.

 

You can unreconcile the 3 transactions involved and redo the reconciliation. However, it can unbalance your accounts and the succeeding reconciliations. If it affects the beginning balance of your next reconciliation you'll need to need to undo the entire month's reconciliation and do it again. 

 

We also highly recommend reaching out to your accountant before making any changes since the changes you will be doing is from a closed period. 

 

Let me also share these articles for additional reference for fixing reconciliation issues:

 

 

The Community is always here if you have other questions and if you ever need help with QuickBooks again in the future. 

lmgray8313
Level 1

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

Curious if a journal entry would fix the problem? With an explanation of issue.

I am trying to think of all options b4 I contact our accountant. 

Thanks.

Maybelle_S
QuickBooks Team

I made 3 transfers back in 2019 and used the parent account instead of the subaccount. They show as a negative amount on my year end balance sheet.

Hello there, @lmgray8313.

 

To fix this, I'd recommend getting in touch with your accountant. This way, they can undo the reconciliation and you'll be guided when creating the journal entry.

 

I've also added these articles for your reference:

Stay in touch with us if you have other questions. I'm always here to help. Take care!

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