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jod
Level 2

I have an account where I record expenses and reimbursements for those expenses.  The balance shows that reimbursements are greater than expenses by $12,000. What are the possible causes?   How can I adjust this, since making a journal entry requires that positive and negative balance out to zero?

 

Solved
Best answer August 01, 2020

Best Answers
JessT
QuickBooks Team

Hi there, jod!

 

Instead of making journal entries, it's better to correct the transactions that caused over-reimbursements.

 

To do this, you'll want to go to your Chart of Accounts and run a QuickReport on the expense account in concern. Then, double-click the incorrectly entered reimbursement transactions to edit them.

 

QuickReport.PNG

 

If you would want to make journal entries, I suggest consulting your accountant so they can guide you with the entries.

 

Please let me know if you have other questions about your reimbursement transactions.

View solution in original post

6 Comments
JessT
QuickBooks Team

Hi there, jod!

 

Instead of making journal entries, it's better to correct the transactions that caused over-reimbursements.

 

To do this, you'll want to go to your Chart of Accounts and run a QuickReport on the expense account in concern. Then, double-click the incorrectly entered reimbursement transactions to edit them.

 

QuickReport.PNG

 

If you would want to make journal entries, I suggest consulting your accountant so they can guide you with the entries.

 

Please let me know if you have other questions about your reimbursement transactions.

View solution in original post

Rustler
Level 15

@jod 

 

The first mistake is using the same account for both expense and income, that is not done in accounting.  Income is reduced by expense on the P&L, reimbursed expenses are only used when your employee pays for a company expense, and that requires one of two plans the IRS approves of

 

After that you just need to verify the amounts, somewhere you made a mistake in recording the entries.

 

But you do not juggle the books to make a mistake "go away"

jod
Level 2

Thank you for pointing out that the expenses and reimbursements should not be in the same account.  So now my question is, how do I remove everything in one of the two categories to put in a new account?  Is it a matter of deleting each item one by one and adding it to the new account, or is there a more efficient way to do it?

Kristine Mae
QuickBooks Team

Let me help you from here, Jod. 

 

You have two options to remove the transactions from one of the categories. You can either delete or edit them, then add them to the new account. 

 

You can follow JessT's steps on how you can delete and edit the transactions.

 

If you have more questions, please feel free to leave a comment below. We'll get back to you as soon as we can.

miller1089
Level 1

In QuickBooks online I'm not able to enter an invoice to record transaction from our Childcare center billing for each week.  So I have to enter this as a J/E into QuickBooks, how would you record this???

LeizylM
QuickBooks Team

It's lovely to see you here in the Community, miller1089. 

 

I'm here to help you create an invoice in QuickBooks Online. 

 

Here's how. 

 

  1. Select + New and then Invoice.
  2. From the Customer dropdown, select a customer. Make sure all of their info is correct, especially their email address.
  3. Review the Invoice date. Then from the Terms dropdown, select the due date. Tip: Net refers to the number of days until the payment is due. The default is 30 days, but you can change the due date if needed.
  4. From the Product/Service column, select a product or service. You can also select +Add new to create a new product or service right from the invoice.
  5. Enter a quantity, rate, and change amount if needed. 
  6. When you're ready to send the invoice, select Save and Send. 

 

If you want to send the invoice later, select Save and Close or Record if you're using QuickBooks Simple Start, select Send.

 

You can also read this article for more details: Create invoices in QuickBooks Online.

 

You might want to read this article to learn how to add custom fields to invoices. 

 

I'm happy to offer assistance again if you have more questions for QuickBooks. Post a new thread here and I'll be there. 

 

 

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