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NaturAuxPattes
January 18, 2021
Question

How to correct an expense account that was setup incorrectly

  • January 18, 2021
  • 1 reply
  • 0 views

HI !

 

When I used an online connector to connect my Shopify store to QB, it created an expense account Shipping (instead of using the Shipping Freight Delivery account that was already created).  I did not notice this for a few months.  Meanwhile, shipping charges were added to this account. When I wanted to finish the year, I realized that, as a bonus, this Shipping expanse account added the charges in the negative, so it actually decreased my expanses of 3000$ and thus increasing my revenue of 3000$.  So to correct it, I create a journal entry to transfer the account to the correct Shipping Freight Delivery account, but it added it in the negative, so my problem was not solved.  So, I decided to create a 'sale' of 6000$, which corrected the problem. 

Now this was for the year 2019 and everything is done and final.  Now that I am starting to work on 2020, I realized that I have an undeposited fund of 6000$ in the Bank deposit section, so I actually created another problem.  

Now, I just do not know what to do (besides leaving that 'deposit' there forever).  Is it possible to change the Shipping account to change all the negative to a positive, or it there a workaround for the 6000$ undeposited funds. 

Thank you for your help ! 

1 reply

C
CaitlinOG
January 18, 2021

Hi NaturAuxPattes, 

 

Welcome to the Community! Integrating 3rd party apps with your QuickBooks Online company is a great way to simplify the transfer of data from your ecommerce platform to your books. It's important that this works as expected to avoid any discrepancies. I can point you in the right direction. 

 

One thing I recommend is checking the settings within your connector application to see if you can change which account the shipping and freight expenses get posted to. That way, you won't have to worry about doing a journal entry to move the balances in the future. If you need to contact their support team, you can find the contact information by going to Apps, then My Apps and clicking on the app name to bring up the details.

 

QuickBooks Online's support team is your go to when it comes to technical components of the program. As for the accounting side of things, it's best to reach out to an accountant as they are the experts when it comes to journal entries and how they impact your chart of accounts. You can invite your accountant to view your company via the My Accountant menu. If you're not already working with an accountant, don't worry, you can use the Find a pro to help option to search for a QuickBooks certified Pro Advisor near you. They can then advise you on the best way to handle the $6,000 sitting in your Undeposited Funds account.

 

If you have any technical questions about QuickBooks Online please don't hesitate to reach out! 

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