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ChinaUser
Level 3
posted
‎March 31, 2020 04:56 AM
last updated ‎October 05, 2020 8:31 PM

Negative starting balance

We just moved from QB Desktop to QB online. In QB desktop we have several customers who over paid us. They are shown as negative accounts receivables and have a negative accounts receivable balance, so effectively they are a liability.

However in QB Online we are not allowed to enter negative starting balances for customers. How can we enter past over payments of customers that we are transferring into our new QB online company?

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1 Comment 1
MaryLandT
Moderator
Moderator
‎March 31, 2020 05:54 AM

Negative starting balance

Welcome to the Intuit Community forum, ChinaUser.

 

Yes, you're right that you're unable to enter a transaction when the amount is less than zero (0). QuickBooks Online lets you create a credit memo to record the overpayment.

 

I'm glad to walk you through the steps:

  1. Click the + New, then select Credit memo.
  2. Choose a name from the Customer drop-down list.
  3. Enter the Credit Memo Date.
  4. Fill in the necessary information.
  5. Click Save and close.

This will post the credit into the customer profile, and will show as unapplied under the Status column. See the screenshot below for your visual guide.

 

Check out the Enter and apply credit notes and delayed credits page if you wish to use the overpayment on the next invoice run. It provides instructions and detailed steps.

 

Feel free to leave a comment below if there's anything I can help you. Just mention my name, and I'll get back to you.

 

Thank you and stay safe!

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