Transactions
Hello, John Naddour.
I'll give a short overview on handling the clearing account's balances. I'm also on the case to assist you in correcting this.
The clearing account should have zero balance after moving the funds and paying the bills.
It's possible that the funds weren't enough or there were bills that aren't supposed to be paid with the clearing account.
First, you'll want to check the transaction that was used to fund the account. Here's how:
- Go to the Chart of Accounts page.
- Find your clearing account, then click the Account history link.
- Locate the transaction used to fund the account (this can be a journal entry or a transfer transaction).
- Edit the amount if needed.
Second, check the bills that were paid. To locate them easily, you'll want to pull up the Bills and Applied Payments report. Simply go to the Reports page, then type Bills and Applied Payments in the search box.
Adjust the reporting date when needed. If there's a bill that was incorrectly included in the payments, you'll want to delete the payment transaction to correct this
Here's how:
- On the report, open the bill payment transaction.
- Click the More menu.
- Select Delete.
If multiple bills are included in a single payment transaction, simply uncheck the correct one and adjust the amount.
Since these are old bills and you're using a clearing account, I recommend contacting an accountant. They can guide you with the corrections and ensure your books are accurate.
Do you also use the Online Banking feature? If you need help managing your other transactions, you can check this article for a guide: Categorise and match online bank transactions in QuickBooks Online.
I'll be on the look out for your reply if you have more questions about the processes in QuickBooks. I'll see you around in the Community space.
