Thank you so much for explaining in detail! I appreciate your taking the time.
I'm floored that what I thought was the industry leader in accounting software, behaves improperly from an accounting perspective. Yikes. How can they get away with that? If accounting standards dictate behavior that QB's legacy code base can't handle, I'd say it's overdue for rework, with loads of unit testing to catch errors.
Yes, we are an HOA that files form 1120-H, so at least we're off the hook on providing a balance sheet to the IRS. I wanted to distribute a proper balance sheet to the neighborhood as part of annual reports, which is what sent me down this rabbit hole in the first place. Now that those reports have been distributed, I guess I'll have to delete the JEs that fixed the negative A/R value in order to move forward without weird credits on a handful of homeowners' accounts. I'll leave myself notes for the end of the year so that if I'm still treasurer, I'll avoid depositing anything early. If I were Intuit, I'd be embarrassed.
Thanks again for your helpful answer!
