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M
Minniemoo
March 1, 2023
Question

Equity Balance

  • March 1, 2023
  • 1 reply
  • 0 views

Was helping a friend who hadn’t reconciled in almost a year. Quickbooks added an equity adjustment balance after trying to reconcile but I deleted it. Now it’s showing a major negative balance and I can’t fix it. Everything else is fine just this equity balance, was advised several options but it still not working. Help!! 

1 reply

R
ReymondO
March 1, 2023

Good day, @Minniemoo.

 

Thanks for sharing your concern in the QuickBooks Community. 

 

The equity adjustment that you deleted is system generated which would help your account to force reconcile. However, you can recreate the deleted entry to correct your reconciliation. 

 

First, look for the transaction in the Audit log. This is where QuickBooks tracks all of your financial transactions in your chart of accounts. Here's how:

 

  1. Go to Settings ⚙ and select Audit Log.
  2. Click Filter.
  3. Use the fields on the Filter panel to choose the appropriate User, Date, or Events filter to narrow the results.
  4. Select Apply.

 

Once you find the transaction, create a deposit and reconcile again the account. Just make sure to use the same reconciliation adjustment amount to zero out the account's balance.


You can also check this sample reconciliation discrepancies entry in your bank register. This will serve as a guide on what payee account and details are you going to use when creating a deposit. Please take note that this transaction is the actual adjustment entry that QuickBooks creates to zero out the differences during reconciliation. 

You can always drop by if you have further questions about reconciliation. The Community is always pleased to assist you. Have a good one!

    M
    MinniemooAuthor
    March 1, 2023

    Thank you for the reply.. when I went to do that is was asking where the deposit came from such as bank, vender and what type such as cash, check or direct deposit. I didn’t want to make it worse so I canceled the entry. What would I enter?  The adjustment shows deposit with no payee and deleted. 

    C
    CharleneMaeF
    March 1, 2023

    Thanks for getting back to us, Minniemoo.

     

    You can locate the deleted transactions using the Date filter. For the detailed steps, please see this article: Use the audit log in QuickBooks Online.

     

    After locating the deposit, let's recreate them. Here's how:

     

    1. + New.
    2. Select Bank Deposit.
    3. From the Account drop-down menu, choose the account you want to put the money into.
    4. Add the necessary details to complete the deposit.
    5. Select Save and close.

     

    Once done, you can now enter an adjusting entry for reconciliation in QuickBooks Online

     

    1. Go to Bookkeeping and select Reconcile.
    2. Reconcile your account.
    3. After you've reviewed everything for errors, select Start reconciling.
    4. Select Finish now from the dropdown.
    5. Click Done.

     

    Additionally, I've added this article that'll help you learn what to do if QuickBooks Online doesn't match your bank statement at the end of a reconciliation: Fix Issues at the End of a Reconciliation.


    Please keep us posted if you need additional assistance managing your reconcile transactions. We want to ensure your friend's books are accurate.

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