Question

Quickbooks desktop bank accounts

Forum|Forum|1 year ago
November 26, 2024
1 reply
0 views

Someone else set up our quickbooks desktop several years ago. I’ve been trying to figure out what’s wrong and how to fix it. We have a cash and cash equivalent account that matches to our bank balance. The other one is labeled checking account and it is in the negative. I’m afraid to merge them I’m afraid it’ll mess up our balance. Can I delete it or I’m about to do a new chart of accounts could I change it then? I’m confused how to fix it. Help.

QuickBooks Desktop

S

SheandL

Hi there, @Ljmp. I'm here to provide some details about the reason why your checking account shows negative balance.

Since you mentioned the cash and cash equivalent account, could you specify the region your QuickBooks Desktop (QBDT) is associated with? This information is crucial as each version is customized to the accounting standards of different countries. Also, knowing this allows us to provide more accurate guidance.

To start, a negative balance in your checking account may indicates that the total amount of payments or checks processed is greater than the deposits you've made. If this is the case, I recommend comparing the transactions from your bank register and your bank statement. This way we can determine the cause of this matter and check if there might be a discrepancy between your records.

In addition, you may want to merge these two accounts if you've confirmed that they contain the same bank information and that one of them is linked to QuickBooks. Alternatively, if you find that the account is redundant and no longer serves a purpose in your records, you can choose to inactivate it.

Additionally, consider reaching out to an accountant for expert guidance. They can provide valuable insights and advice on the appropriate steps to take in this process.

I'll include these articles for you to refer to if you'd like to learn how to generate and personalize business and financial reports in QBDT:

You're free to comment down below if you have other concerns about managing your bank accounts, @Ljmp. We're ready to help you anytime.

L

LjmpAuthor

Thank you for responding. We keep our account balanced so I'm thinking the negative account is only linked to some accounts and not the right ones. But I'm afraid if I merge them it'll throw off my correct account. I need to put in a new chart of accounts because the one they put in is terrible so could i fix it then to one bank account?

R

rvrfrf

Thanks for getting back with the Community, Ljmp.

If you need to create a new account in your Chart of Accounts, you can do so any time.

Here's how:

In the top menu bar, go to Lists, then Chart of Accounts.
From your Account ▼ drop-down list, click New.
Choose an Account Type and hit Continue.
Complete the account details.
Select Save & Close.

In regard to merging accounts, you can do so if you choose to. If you choose to merge accounts together, I'd recommend reviewing our Merge duplicate accounts article for detailed information on how the process works.

In the event you're unsure whether you should be merging two particular accounts or not, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:

Go to our Find a ProAdvisor page.
Use the City or ZIP search field to specify a location.
Select Find a ProAdvisor.
Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

Once you've found an accountant, they can be contacted through their Send a message form.

I've also included a detailed resource about working with your Chart of Accounts which may come in handy moving forward: Work with the Chart of accounts

If there's any additional questions, I'm just a post away. Have a great Tuesday!

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