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Raghavp
Level 1

PAST YEARS , Un Applied amount to adjust current year books

Hi ,

 

Need to clean-up customer ledgers, showing negative balances.

 

Please help to clear un applied payments for 2018, showing negative balance at customer ledger. how to adjust in 2020 books with out disturb 2018 books ? please help

 

Actually amount received in 2018 but not created any invoice towards that amount. its remain same.

 

Please advise steps to clear negative balance and make customer ledger zero.

 

Thanks

Raghav

3 Comments 3
MirriamM
Moderator

PAST YEARS , Un Applied amount to adjust current year books

Thanks for reaching out to us, @Raghavp.

 

I'm here to lend a hand. 

 

You can create a Journal entry to clear the negative balance and make the customer ledger zero.

 

Before we proceed with the steps, I highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and credit side of the transaction. Since every business structure is unique, they can help determine the correct recording.

 

To create a journal entry, here's how:

  1. Click the Company menu at the top. 
  2. Choose Make General Journal Entries
  3. Fill out the fields to create your journal entry.
  4. Pick Save and new or Save and close.

To learn more about recording journal entries in QBDT, take a look at this article: Create a journal entry in QuickBooks Desktop for Windows or Mac.

 

Also, it's recommended to always create a backup copy of your company file to ensure you have an original copy that you can restore at any time in case of data loss or damage

 

In case you want a report that will show debits and credits for each transaction, run the Transaction Journal Report. See this resource for future reference: View The Transaction Journal Report In QuickBooks Desktop.

 

Keep me posted if you have any additional questions, as I'm always here to help. Take care.

Raghavp
Level 1

PAST YEARS , Un Applied amount to adjust current year books

Thanks for Reply.

 

Created JV towards , Accounts receivable to retained earnings. customer ledger shown zero . 

 

But its showing at Open invoice section the same amount adjusted, Customer-Receive payments-Open balance. 

 

As per suggestion , need to hit retained earnings account.

 

Please advise to close the issue.

 

Thanks

Raghav

 

Raghavp
Level 1

PAST YEARS , Un Applied amount to adjust current year books

Some one please advise?

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