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June 6, 2024
Question

QB created a transaction

  • June 6, 2024
  • 1 reply
  • 0 views

Last year we closed a checking account. The balance was not zeroed out in QB but was left with a negative balance for the last check written out of the account to close the account.

 

A new checking account was established, and things have been working fine in QB until recently. Two months ago we deleted a random entry that was not accurate that reflected that negative balance.

 

Now, upon trying to reconcile our accounts, I found that QB created a transaction-- a check in the amount of that negative balance in the old account with the memo "Created by QB Online to adjust balance for deletion."

It is creating a double entry/fake transaction for that same amount out of one of our accounts (so there are two of the exact same entries but both are going to different accounts- one to the closed account, the other to the correct account.) I am unable to delete the fake transaction because it says that will create a non-zero balance in the closed account. Why won't it let me override that?? We have lived happily with a negative balance in that account for months. Why the trouble now? I can't reconcile my last account because of this. 

 

Thanks for the help!

1 reply

June 6, 2024

I'm here to guide about the adjustments and discrepancies on your QuickBooks Online (QBO) account, learning3.

 

For the amount that was deleted 2 months ago and the adjustment being created by QuickBooks to balance the closed account, I recommend reaching out to your accountant to get it fixed.

 

The system created an adjustment because when you make the account inactive, it should have a zero remaining balance. Just hit the adjustment and delete it to proceed with reconciling the account.

 

Here's how:

 

1. Go to the Gear icon.

2. Select Reconcile.

3. Hit the dropdown arrow to choose which account you want to reconcile.

4. Choose Bank register.

5. Under the memo, select Created by QB Online to adjust the balance.

6. Select Delete.

 

Furthermore, if you need future help exporting reports in QuickBooks, refer to this article: Export your reports to Excel from QuickBooks Online.

 

If you have further questions about reconciling an account in QBO, please don't hesitate to reply. I'm here to help.