When dealing with customer balances and seeing discrepancies such as negative balances, you'll want to ensure that all transactions are correctly recorded and accounted for. I'm here to help you resolve these issues, Abdulle.
You can review customer balances and check each customer's transaction history, including invoices, payments, and credits. Ensure that all transactions are categorised correctly. Look for any duplicated entries or missing payments that might be causing the balance to appear incorrect.
Ensure that when receiving payments, you are properly recording them. To receive a payment, you can follow the steps below:
If these payments need to be deposited into your bank account, you can record it as a deposit.
Also, any deposits not properly recorded in QuickBooks will not appear in your bank account. To identify discrepancies and ensure all recorded transactions align with your bank statement, you'll need to reconcile your bank account. For your reference, I've included this helpful article: Reconcile An Account in QuickBooks Online.
Lastly, a negative balance usually indicates that a customer has either overpaid or a credit or refund has been applied incorrectly. You can review the details of what causes the negative balances by clicking on each customer account. You can go to the Sales menu on the left panel and select Customers.
Additionally, QuickBooks Online (QBO) offers a variety of reports that can provide valuable insights into customer balances and other important data. Read this article on how you can filter and customise them: Customise Reports in QuickBooks Online.
Let me know if you're referring to something else or have other questions about customer balances or deposits. I'd be glad to help you. Have a nice day!
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