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Best answer December 30, 2020
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Hello, Ed-IRM.
It's good to hear that your business is getting bigger. I have a way to help you move the existing A/R deposit or balances to the new liability account.
You'll want to use a journal entry to move the deposit or balances from the existing A/R account to the new liability account. To create a journal entry:
- Click the Company menu, then select Make General Journal Entries.
- Under ACCOUNT, select the existing A/R account and the new liability account.
- Enter the debit and credit amounts.
- Add a journal entry number.
- Once done, click Save & Close.
Note: If it prompts you to enter a name with the A/R account, select a customer profile under NAME.
This article can also guide you in handing journal entries: Create a journal entry in QuickBooks Desktop for Windows or Mac.
While you can easily set accounts for debit and credits, I still recommend consulting an accountant. They'll ensure your books are correct and accurate as you transfer the balances.
After moving the deposits, I'm sure you'll have other transactions to take care of. Our articles can help you record income and other sales transactions. Just browse them here to get started.
Leave a comment below if you have other questions regarding the processes in QuickBooks Desktop. I'm more than happy to help you get things done.
Hello, Ed-IRM.
It's good to hear that your business is getting bigger. I have a way to help you move the existing A/R deposit or balances to the new liability account.
You'll want to use a journal entry to move the deposit or balances from the existing A/R account to the new liability account. To create a journal entry:
- Click the Company menu, then select Make General Journal Entries.
- Under ACCOUNT, select the existing A/R account and the new liability account.
- Enter the debit and credit amounts.
- Add a journal entry number.
- Once done, click Save & Close.
Note: If it prompts you to enter a name with the A/R account, select a customer profile under NAME.
This article can also guide you in handing journal entries: Create a journal entry in QuickBooks Desktop for Windows or Mac.
While you can easily set accounts for debit and credits, I still recommend consulting an accountant. They'll ensure your books are correct and accurate as you transfer the balances.
After moving the deposits, I'm sure you'll have other transactions to take care of. Our articles can help you record income and other sales transactions. Just browse them here to get started.
Leave a comment below if you have other questions regarding the processes in QuickBooks Desktop. I'm more than happy to help you get things done.
