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August 2, 2022
Question

Adding old expenses without changing balance

  • August 2, 2022
  • 1 reply
  • 0 views

Hello!

 

At the beginning of the year we switched our accounting software from Sage to Quickbooks. Bills were paid through the other software the whole month of January and in order for our EOY to match to our bank for tax purposes, we need to add them into QB without changing the QB bank balance.

I tried to set it as "pre-paid" but then it went to the pre-paid expense and there was no way for us to get rid of that. PLEASE HELP!

 

Thank you!

 

Allyssa 

1 reply

katherinejoyceO
August 2, 2022

Hello there, Allyssa.

 

Thanks for visiting and expressing your expenses concern to the Community. I'm here to guide you in correcting your expense account without affecting the bank balance in QuickBooks. 

 

We can enter the transaction using a journal entry to offset the one you've entered. I'd recommend consulting an accountant before performing this task.

 

Here's how: 

 

  1. Click the + New button in the side menu.
  2. Select Journal entry.
  3. On the first line, select an account from the Account field whether you need to debit or credit the account
  4. Enter the amount in the correct column.
  5. On the next line, choose the other account you're moving money to or from. If you've entered Debit in the first line, select Credit to make it balance.
  6. Ensure to enter the same amount in the Credit column on one line and the Debit column on the other.
  7. Enter the details in the memo section to know why you made the journal entry, then select Save and new or Save and close.

 

Here are a few items you might find relevant for your business in the future:

 

 

I'd be happy to assist you once more with QuickBooks expense corrections and other transaction-related issues.