When a cash deposit is made into the checking account and verified, it is showing as a negative cash balance in the chart of accounts page. When viewing the register it is showing as a payment and not deposit. Editing will also not allow me to change to a deposit. However, in the checking account (bank register), they are showing up as deposits and the balance of the account is correct. It is just the cash account that is showing a negative balance.
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@EliasWesler You said both "When viewing the register it is showing as a payment and not deposit." and "However, in the checking account (bank register), they are showing up as deposits and the balance of the account is correct."
Getting some mixed signals here.
Until you clarify, all I can imagine is that you actually made a bank account called Cash and are using said Cash bank account in your Make a Deposit window as the source account.
If you are, then you are effectively just using the Make a Deposit window to create a bank transfer.
If you want to do that, you will at least have to make the corresponding deposit into the Cash account in order to keep its balance from going negative. Presumably, this would be an Owner Contribution or similar.
@EliasWesler You said both "When viewing the register it is showing as a payment and not deposit." and "However, in the checking account (bank register), they are showing up as deposits and the balance of the account is correct."
Getting some mixed signals here.
Until you clarify, all I can imagine is that you actually made a bank account called Cash and are using said Cash bank account in your Make a Deposit window as the source account.
If you are, then you are effectively just using the Make a Deposit window to create a bank transfer.
If you want to do that, you will at least have to make the corresponding deposit into the Cash account in order to keep its balance from going negative. Presumably, this would be an Owner Contribution or similar.
That's exactly what I did. Instead of just using Unapplied cash payment income I used cash and that is what was causing that negative number. I've now fixed this. Thank you!!!
@EliasWesler Oh, right.
Adding to this, I was assuming here that the owner was just putting money into the bank account.
If you're trying to record a cash deposit as in income you received in the form of cash, that's a different story than my explanation earlier, but it works the same way and would probably save you having a Cash bank account in the first place.
There's a lot of ways you could go about recording a payment you received as cash; simply using the relevant Income account as your source account in the Make a Deposit window would work, as would using undeposited funds from the relevant invoice or sales receipt. If you're not sure, you're probably better off consulting your accountant, assuming that's not you.
This website is fine for questions, but in the end, none of us know exactly what you have going on over there.
I do not have an accountant. This is a newly started LLC account that I made. We do not currently have funds for an accountant so I'm trying to learn the software. (I'm still keeping a physical record separately as well). Everything was a deposit made by me into my account at the bank.
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