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inlightin-doug
Level 1

New QB Online user, uploaded bank transactions from last year and labeled all customer payments as Accounts Receivable; customers have negative balances now. what to do?

 
Solved
Best answer January 14, 2020

Best Answers
JessT
Moderator

New QB Online user, uploaded bank transactions from last year and labeled all customer payments as Accounts Receivable; customers have negative balances now. what to do?

You're not the only user who's experiencing this scenario, inlightin-doug. We've got the same question from users who switched from different accounting software, too.

 

You could have just categorized the bank transactions as income or expenses, and have added them to your bank register. This wouldn't post them as credits to your customers' (or vendors') profiles. However, since you've already added your transactions and categorized as Accounts Receivable, you can continue from there. Yes, you will want to add the invoices in 2019 and use the credits to pay them. This will bring you back to zero.

 

First, you'll want to disable the option to automatically apply credits to open invoices, so you can select which credits to apply.

  1. Click the Gear icon and choose Accounts and Settings.
  2. Choose Advanced.
  3. Click the Automation section.
  4. Remove the checkmark in the Automatically apply credits checkbox.
  5. Click Save and click Done.

To apply the credits to the invoice, just click Receive Payment on each invoice. Then, choose a Deposit to apply as payment in the Credits section, like in the screenshots below.

 

 

 

Please let us know if you need more help with your bank transactions and invoices.

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3 Comments 3
IntuitLily
Moderator

New QB Online user, uploaded bank transactions from last year and labeled all customer payments as Accounts Receivable; customers have negative balances now. what to do?

It's nice to see you again, @inlightin-doug.

 

The negative balance means that your customers have overpaid compared to what you have billed them. It seems you have duplicate transactions in your A/R account. 

 

When you uploaded your transactions and categorized them as A/R, you'll have to find a match if these transactions are already recorded in QuickBooks. They may record as duplicate if you've added them instead. You can review the A/R Aging report to double-check if this is the case. 

 

You can still delete the duplicate payments if you haven't closed your books yet. Just click the multiple entries on your A/R report to open the transaction. Then go to the More option and select Delete.

 

Add a comment below if you have any questions. I’m here to help. Have a good one!

inlightin-doug
Level 1

New QB Online user, uploaded bank transactions from last year and labeled all customer payments as Accounts Receivable; customers have negative balances now. what to do?

Thank you, Lily; I appreciate your suggestions. For more context, this happened because I did things out of order when setting up my QB. I was doing business since April 2019 without QB, and then when I set up QB I uploaded all my bank transactions from last year without having first created invoices in QB that all of those customer payments could be matched with. So I have lots of negative "credit" balances on customer accounts, but no invoices. 

Is it best to relabel all those bank deposits as Sales or some other Income category; or can I simply create the invoices now with 2019 dates for the credits to automatically apply themselves to; bringing me back to zero?

JessT
Moderator

New QB Online user, uploaded bank transactions from last year and labeled all customer payments as Accounts Receivable; customers have negative balances now. what to do?

You're not the only user who's experiencing this scenario, inlightin-doug. We've got the same question from users who switched from different accounting software, too.

 

You could have just categorized the bank transactions as income or expenses, and have added them to your bank register. This wouldn't post them as credits to your customers' (or vendors') profiles. However, since you've already added your transactions and categorized as Accounts Receivable, you can continue from there. Yes, you will want to add the invoices in 2019 and use the credits to pay them. This will bring you back to zero.

 

First, you'll want to disable the option to automatically apply credits to open invoices, so you can select which credits to apply.

  1. Click the Gear icon and choose Accounts and Settings.
  2. Choose Advanced.
  3. Click the Automation section.
  4. Remove the checkmark in the Automatically apply credits checkbox.
  5. Click Save and click Done.

To apply the credits to the invoice, just click Receive Payment on each invoice. Then, choose a Deposit to apply as payment in the Credits section, like in the screenshots below.

 

 

 

Please let us know if you need more help with your bank transactions and invoices.

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