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AllisonE
Level 2

Incorrect Bank Balance

We have occasionally had to use our personal account to pay for business expenses either because we didn't have the business card with us or because of error.  Regardless, there are several expenses as well as transfers to a business account from our personal account and as a result the personal checking account is showing a negative balance (it is not connected to QB thought a bank feed since we don't use it for business).  The balance is obviously incorrect and I really just need to get it to $0.  Can I just debit the personal checking account and credit the owner's draw account?  Thank you in advance.

3 Comments
HoneyLynn_G
QuickBooks Team

Incorrect Bank Balance

Hey there, @AllisonE.

 

Thank you for visiting the Community. You can update the bank's opening balance on the Register.

 

Here's how to do it:

  1. Click the Gear icon at the top.
  2. Choose Chart of Accounts.
  3. Look for the account. 
  4. On the Action column, select View register (or Account history).
  5. Find the opening balance entry. If you've got the Date column sorted from newest to oldest, the opening balance entry is likely at the bottom or end of the list.
  6. Select the opening balance entry once you've located it.
  7. Edit the amount.
  8. Select Save

Open.PNG For in-depth information, you can refer to this article: Edit an incorrect opening balance.

 

I'm confident that this information will help you get back to business.

 

Don't hesitate to leave a comment if you have other questions. I'd be happy to offer additional help. Have a great day!

AllisonE
Level 2

Incorrect Bank Balance

Thank you for the reply but company funds were not used to pay personal expenses.  We used our personal account to pay for some business expenses so I guess I am a little confused as to why the company would need to be reimbursed?  If we reimbursed the company it would be giving the company more rather than a reimbursement since the funds were never taken out of the business account (they were taken out of personal).  The personal account (which I do not keep track of via the business QB) is showing a negative balance because of all the purchases and transfers.  I just need to get the balance to zero.

HoneyLynn_G
QuickBooks Team

Incorrect Bank Balance

Hi there, @AllisonE.

 

I appreciate the response and call out. I've already updated my answer above. Have a good one!

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