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S
siska72
October 6, 2021
Question

Negative asset and liability accounts1 on Overview

  • October 6, 2021
  • 1 reply
  • 0 views
Hi I have a question.
I am using QBO accountant Online for my client.
When I review on client overview in QBO, there is a common issue.
I found there is one issue for Negative asset and liability accounts. 
I clicked the link and All Owner's withdrawals that I entered before. But I don't understand which one is wrong.
How can I find the mistake and fix it?
 
Thanks 

1 reply

T
Trish_T
October 7, 2021

Hi siska72,

 

Thanks for reaching out to Community!  With QuickBooks Online you'll have the option to run specific reports for locating items such as negative assets, so you can move forward with making any corrections necessary.  I'd be glad to help!

 

I'd recommend reviewing the Balance Sheet report and look for any negative amounts of concern.  You'll be able to click on the amount to open the transaction report and review more details and make any corrections.

 

If you're still not able to locate the transaction that's causing the negative asset, I suggest contacting us, using one of the methods below, so we can work with you further to get this resolved in a timely fashion.

 

Schedule a Callback or start a Chat: click (?)Help in the upper right corner of your QuickBooks Online account > enter "Contact support" > click Contact Us > provide a brief description > hit Let's Talk > choose Get a callback or Start a Chat.
Social Media: Facebook, Twitter, and Instagram.
Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

 

Please don't hesitate to reach back out, if you have any other questions.  We're happy to assist!

S
siska72Author
October 7, 2021

Thank you for your reply.

I reviewed it again.

I found the owner's withdrawal is bigger than the owner's capital.

Is it why there is negative assets and liability account 1 in the common issues section?

Then, how should I deal with it? 

Do I have to ask my client to deposit more money as the owner's capital?

Please reply to me

 

Leah

 

 

 

T
Trish_T
October 7, 2021

Hi siska72.  Thanks for reaching back out to Community.  I'm happy to hear about your findings.  I recommend speaking with a Colleague for recording any money movement, to ensure it doesn't have an effect on the books moving forward.  I believe that would be in the best interest of you and your client.

 

If you need assistance with anything else, please reach back out.  We'd love to help!

 

 

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