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Btrimm
January 25, 2022
Question

A/R subledger did not clear deposits after applying them to open invoices

  • January 25, 2022
  • 1 reply
  • 0 views

Hi,

I applied a number of credits (Deposits) to some open invoices and it appears that the credits (deposits) were applied as the A/R amount reflects the proper amount but the subledger is still showing the credits (deposits) creating a negative amount in the subledger.  The original invoices are no longer showing in the subledger.  I am using QuickBooks Premier 2015.  Any help is appreciated.

 

Brian

1 reply

M
MadelynC
January 25, 2022

I’ve got some information for you on why your sub-ledger didn’t clear your deposits, Brian.

 

When applying credits to open invoices, QuickBooks Desktop uses Accounts Receivable to clear the transactions. This is the reason why your sub-ledger remains unchanged.
 

You’ll want to create a journal entry to offset the amount. Before that, I suggest contacting your accountant to ensure the records are accurate. Then, refer to the instructions below.

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Select Save & Close.

 

You can also set up a clearing account to move the amount from one account to another account.

 

I’ve added this guide in case you want to view all your debits and credits for each transaction: View the Transaction Journal report in QuickBooks Desktop.

 

If you have any other questions or concerns in managing your accounts and transactions, please don’t hesitate to add a comment below. I'll be here. Always take care!

B
BtrimmAuthor
January 25, 2022

Hi,

 

Thank you for responding but I am unsure how that solves my issue.  I have all my credits (deposits) still showing in my A/R subledger.  The original invoices are no settled to zero leaving a credit balance for my customer.  How does a journal entry clear them?  As well, to what do I post the credits for the other side of the journal entry?

N
Nick K
January 26, 2022

Hi Btrimm.

 

Allow me to point you in the right direction for getting this resolved.

 

When it comes to what to enter into the journal entry we recommend reaching out to your accountant as they are trained in how to do this. If you don't have an accountant no worries, we can help. You can go to our Find an Accountant page to find one in your area.

 

If you have any questions let us know and we'd be happy to help.

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