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Carlos_treework
December 4, 2020
Question

Made an error - Retained profit balance forward account | Equity | Opening Balance Equity | £40.00 | Account history

  • December 4, 2020
  • 1 reply
  • 0 views

I made an error while trying to add a fuel receipt that I paid for personally (limited company). I somehow thought by adding it to equity (see below) I could add what I spend. How my quickbooks total is £40 higher than my bank balance!! Need to either delete this or off set the £40 by decreasing when it came from nowhere and made a total mistake !! arrrr! I can see it on chart of accounts as the line below:-


Retained profit balance forward account
Equity Opening Balance Equity 40.00
Account history

(I made this inactive - probably made it worst)

 

Please help!

1 reply

S
ShiellaGraceA
December 4, 2020

Thanks for reaching out to us today, @Carlos_treework.

 

I have an idea about how you can correct your account. You can either delete the transaction or create a journal entry to correct your account. Let's go to your chart of account to see it.

 

  1. Go to Accounting. Then, select Chart of Accounts.
  2. Look for your equity account and then hit the View register link.
  3. Double-click the transaction and then Delete.

If you want to create a journal entry, go to +New, and then Journal entry. This way, you zero out the incorrect account and transfer the amount to the correct one. For details, check out this guide: Create a journal entry in QuickBooks Online.

 

In case you need help with other banking tasks, click this link to go to our general topic with articles.

 

Please let me know if you still have questions or concerns. I'm always here to help. Take care and have a wonderful rest of the week.

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