Skip to main content
K
knapiks
August 22, 2021
Question

Adjusting an asset account

  • August 22, 2021
  • 2 replies
  • 0 views

I have taken over bookkeeping from the accountants.  An AR asset account is in the negative by quite a large number.  I cannot find a specific error.  Most likely 5 years of small ones.  How do I correct the balance?

2 replies

PrachiJoshi
PrachiJoshi
August 22, 2021

Hi,

 

It would be very hard to suggest a solution without looking at the books. There could be multiple reasons that AR is negative.

Have you asked the accountants why this number is negative?

 

I would suggest to connect with an accounting professional for help.

 

Thanks

Prachi

K
knapiksAuthor
August 22, 2021

I don't think they know.  From what I've seen their use of QBs leaves a lot to be desired.  I cannot go back thru 5 years to find all th errors.  I just want to do a ourna entry to bring in line. but sales seems the only account I could possibly use.

PrachiJoshi
PrachiJoshi
August 22, 2021

You are right. Though it will increase their sales for the year and increase tax payable at year end. Do they charge sales tax? 

 

Terms & ConditionsAccessibility statement