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May 10, 2024
Question

How to clear negative balance on payroll clearing line

  • May 10, 2024
  • 1 reply
  • 0 views

On the balance sheet, I noticed a negative balance on the payroll clearing line. On investigation, I found out that it is a balance left from the last fiscal year. What adjusting entry can I do to clear this balance?

I have a tight timeline here to generate the balance sheet and my calls to Quickbooks were disconnected several times. I hope someone can help me here.

Thank you!

1 reply

May 10, 2024

Hi SQCNetwork,

 

Welcome to Community!  Having a negative balance on the payroll clearing line can be concerning.  QuickBooks Online enables you to drill down the negative amount, to see if the transaction has been entered correctly.  If an adjustment needs to be made, I encourage you to speak with an accounting professional.  They'll be able to provide their expertise and best course of action, to ensure a positive outcome on your books.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

If you have any other questions, feel free to reach back out. We would be happy to help!