Banking
I can help you zero out the negative balance of the BD account in your balance sheet. komatthew. Let me add the specifics below.
Before we begin, could you tell us why the starting amount is different from the deposit? Please note that the difference in amounts is causing a negative in your Balance Sheet.
To clear it out, you can also create a journal entry to zero or clear out the amount in your financial report.
- Click the +New button.
- Select Journal entry.
- Choose an account from the Account field and enter it on the first line. Then, based on whether the transaction requires a debit or credit to this account, input the appropriate amount in either the Debit or Credit column.
- On the next line, select the other account you're moving money to or from.
- Double-check the amounts, you should have the same amount in the column on one line and the Debit column on the other. This means the accounts are in balance.
- Click Save.
However, it's best to reach out to your accountant for additional advice on this matter to make sure everything is handled properly since this will affect your financial reports.
Once your negative balance is cleared out, you can now proceed on reconciling your account. Refer to this article for detailed guidelines: Reconcile an account in QuickBooks Online.
We're always committed to helping you navigate QBO with ease and confidence, especially when managing your balance sheet. Don't hesitate to reach out if you have other concerns, and we'll get back to you promptly to address them.
