Moving balances out of an Account line.

Michael_Fay · ‎November 15, 2023

Hello all,

I'm hoping you can help me with something.

Prior to our FY that started 10/01 Our clients were all Account lines in the chart of accounts.

Current Liabilities:

REX - Resident X

REX1 - Income

REX1A - SSA

REX2 - Expenses

REX2A - Rent

As such these accounts all have a balance to them.
Starting this FY I entered all the clients as individual Customers, adding them in the customer center, and issuing a credit memo to mimic their closing balance on their account line as of 09/30.

The problem is they all still have a balance with their old line accounts. How would I get rid of these? Is there a way to move those balances to the Customers?

I'm very confused at the moment, and would like to fix this if possible before I get too deep into the FY.

Thanks for any help.

Nicole_N · ‎November 15, 2023

Hi there, Michael.

I can see that it's a duplicate post. My colleague, AileneA, already responded to your query about moving those balances to the Customers in QuickBooks Desktop. You can reply to her through this link so we'll be able to assist you further: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-group-home-with-multiple...

The QuickBooks Community team is always here to help if you have any other concerns or follow-up questions. Have a good day!

Michael_Fay · ‎November 15, 2023

Hi Nicole,

Different problem actually. My other post was about dealing with payments. This one was regarding how to get rid of a balance on an account line since I've Moved away from the residents being account lines in the Other Current Liabilities category and made them customers. I know it's all confusing and I probably sounds as of I'm repeating myself but it is a separate issue.

Maybelle_S · ‎November 15, 2023

Thanks for reaching out to the Community, Michael.

I would love to help you, but I need some information about your concern. Could you please provide more details about the balances you want to move?

Any additional info or a screenshot of the interface will be greatly appreciated. We are looking forward to your reply. Have a good one!

Michael_Fay · ‎November 16, 2023

Maybelle,

Thanks for replying! So, prior to 10/01 All of our residents were listed in current liabilities under "Client Escrow" (See attached PNG.) On 10/01 instead of using these accounts I created a New customer file for each resident. And issues a Credit Memo for their beginning balance. That Balance matches the Total at the bottom of the attached report.
I need to know if there is a way to clear out this liability. I don't know if it is possible to attribute it to the customer file for the client, or where to move it in a Journal Entry.

Looking at the report, you can see Client X had a balance of $848.56 left in this account when I changed the system. The total of the Client Escrow Account ups our current liabilities by about $23,000.00 which I would really like to not have on our books.

Thanks again for your help, and I look forward to figuring this out.

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Moving balances out of an Account line.