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kj34
Level 2
posted
‎December 22, 2020 09:01 AM
last updated ‎December 22, 2020 9:01 AM

Transferring misapplied funds from expense account to liability account

Hi 

I have a situation where the company file I am working in has QB loans that transferred from old files.  The QB payments for some of the loans were applied to other unallowable expense accounts instead of towards the liability account created for the loan.  Is there a way to move these payments if the amounts don't match the loan liability accounts created?  There are multiple loans and the payment amounts vary, and I am unsure how to apply which payments to which liability account.  All the loans were paid and should show zero balances, but they all have random amounts still owed. Please help if possible.

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1 Comment 1
Jen_D
Moderator
Moderator
‎December 22, 2020 11:48 AM

Transferring misapplied funds from expense account to liability account

Good day, @kj34,

 

I want to make sure this concern is resolved. If you want to move balances from an expense account to a liability account, a journal entry will resolve this. 

 

To create a journal entry to zero out the balance in the Expense Account.

 

  1. Click +New, then select Journal entry.
  2. Add the Expense amount in the Credit column
  3. On the next line, add the Liability amount in the Debit column.
  4. Click Save and new.

You can check the screenshot below as an example.

 

However, if you're referring to reclassifying the accounts of the transactions imported into the account, it has to be done manually. You can delete them and recreate them to the correct transactions they need to bee recorded. This is to ensure the balances in QuickBooks are accurate.

 

For the steps of deleting entries in the program, see this article: Void or delete transactions in QuickBooks Online

 

You can also use third party apps to delete the transactions and import them again correctly. See this link to find the tools that works for you: QuickBooks Online Applications

 

Additionally, you may visit our Intuit Developers forum to connect with engineers and IT people who can help with app integrations. They can recommend deleter and data transfer tools you can use. Visit this link for further help: Intuit Developer Support

 

Post here again if you need further clarification about the process. I'll be right here to help you with your data or any other QuickBooks related tasks. Have a nice day!

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