Account Issues

@KC1217  Open your Chart of Accounts under the List Menu. It should be the top option.

Once that is open, scroll down until you see the Other Current Asset labelled Account for Credit Transfer. Select it.

You can then use the Reports button at the bottom of the Chart of Accounts window to see a list of all entries in your QuickBooks that have used the Account for Credit Transfer account.

If you still have trouble finding it, you can sort the report by amount (debit or credit in the listing), date, whatever suits you best.

I can help you find those entries in the Other Current Assets, @KC1217.

When you apply for credit from one job to another, QuickBooks will create a Journal Entry for that account. Thus, the amount shows under the Account for Credit Transfer.

I agree with FishingForAnswers. We can go to the Chart of Accounts under the List menu. From there, you can look for the entries of those amounts.

Otherwise, you can utilize the Reports section at the bottom of the Chart of Accounts. Then, you can see the list of transactions under the account.

I'll be adding a screenshot below for your visual reference.

To know more about transferring credits from one customer job to another, check out this article: Transfer customer credit from one job to another in QuickBooks Desktop.

You can post anytime if you have questions about your transactions in QuickBooks Desktop. Please know the Community has your back.

@KC1217,

The Credit Transfer account should never show a balance on the balance sheet.

Credit transfers are automatically posted by QB and are always reversed by another entry to the same account.

Either somebody deleted the other entry or there is something wrong with your file in general.

If it was deleted, the balance of the other affected Customer:Job must be off.

You said: QuickZoom found no transactions for this date.

Show all dates and you will see where this balance is coming from.

When you find that lonely journal, click into it and go to the history.

You may then need to delete this journal and reapply the payment that originally generated the credit transfer, and the transfers will happen again.

This may need to be explained in more detail.

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Thank you for the response, unfortunately I do not have the account under the chart of accounts.  I've attached the screenshot.  This is what I can not figure out as why it is not under the chart of accounts.  I know I did the credit transfers wrong.  Was new to QB at the time.

Thank you!

Hi there, KC1217.

I’m here to explain why the Account for Credit Transfer isn’t appearing in the Chart of Accounts list.

Generally, the Account for Credit Transfer is set to inactive by default because it only serves as a placeholder for the journal entries created when transferring credit from one customer to another. It's the reason why it isn't showing on your accounts lists.

Additionally, this account should always maintain a zero balance, as every positive journal entry has a corresponding negative entry. For your reference, I’ve included a screenshot below.

To rectify the negative balance, I recommend following the troubleshooting steps provided by the OnTrack Team. I've also reiterated them below for your guidance.

First, let’s check if another user has deleted any related transactions. It can be the reason for the negative balance. To verify this, please run the Audit Trail report by following these steps:

1. Go to Reports, then Account and Taxes, and select Audit Trail.
2. On the report screen, click Customize Report and ensure the filters are set correctly.
3. Enter the appropriate Date Entered/Last Modified.
4. Click Refresh on your report screen to update the report.

If you discover the entry was deleted, I recommend recreating it.

If everything appears correct, let’s run the Balance Sheet report to ensure the dates are set accurately to generate the correct data using the QuickZoom feature.

Once you locate the journal entry, double-click it to view the transaction details. After that, delete the entry and reapply the payment that initially generated the credit transfer. It'll trigger the transfers to occur again.

Finally, you can run and customize various company and financial reports to view the different perspectives of how your business is doing and ensure your books remain accurate.

Feel free to let me know if you need any further assistance running reports and managing your accounts. I'm always here to help you out.