Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowMy AR Aging report as of 12/31 correctly shows a 0 balance however my balance sheet report shows -3,774.10 in my foreign currency AR account. When I make a JE to clear the balance sheet it ends up creating a balance on my AR report. How do I clear the negative accounts receivable amount from the balance sheet?
Let's get this sorted out, @rkirsch28.
One of the possible reasons why your accounts receivable account showing a negative amount on the balance sheet report is because of the transactions with no Customer:Job name. To get this fixed, let's find the transaction that doesn't have a Customer/Job name. Please be guided by the process below.
Firstly, let's locate the year when the difference started. Here's how:
Once done, you'll need to find the transactions in Accounts Receivable that cause the discrepancy.
If you still see a discrepancy in the report, you can read this article to proceed with the next solution: AR balance on the Chart of Accounts does not match the AR balance on reports.
I'm also adding this article to learn how to fix your balance sheet when it’s out of balance in QuickBooks Desktop: Fix a Balance Sheet that's out of balance.
Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.
I was able to find the transactions that are causing the discrepancy but most relate back to prior years. How to I fix without changing the prior year financials? The differences look to relate to changes to the exchange rate between invoicing and payment dates.
I tried to fix with a JE but that ended up putting a balance on my AR schedule which is not correct.
I have some info on how you can fix transactions in the prior year, @rkirsch28.
We can create a journal entry to fix transactions in the previous years. If entering a journal puts a balance in your AR schedule, I suggest consulting an accountant. This way, they can check what is the right thing to do with the balances.
Additionally, learn how to reverse or delete journal entries in QuickBooks Desktop.
In case you'll need help with your accountant, you can import journal entries to them.
Let me know in the comment section if you have a follow-up question with a journal entry. I'll get back to your right away. Have a pleasant day ahead.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.