Question

How can I show donations, large expenses, payments, cars, showing the owner's investments w/business funds before I was hired so that the books level out?Tags or Entries?

Forum|Forum|2 years ago
April 9, 2024
1 reply
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The owner had a list of items he wanted to receive as deductions and/or reimbursements to the funds he used through the business for investments, donations, contractor payments, purchased vehicles, starting another business, starting a non-profit, etc. all before I came on. I was not the person in the role when some of these happened but I was at the end of the year. The CPA told me to add as a journal entry but for some reason, that buttom or pathway was not available from my access/plan level. I tried contacting QBO for help but was unsuccessful. Everything they tried to tell me to do was only accessible via the accountant's view. How can I make these corrections so that the balance shows accuracy and evens out, instead of it looking like there's over 300k in 'unrecorded' deposits. I told the accountant that this was the only way to enter each transaction into the QBO account for the business and she was supposed to fix everything so that it leveled out but did not and just left it there as cash. Is there a way to correct this on my end without help? I did what she asked and made sure to clarify it was just for her to see everything the owner wanted to account for in terms of the busness funds, but that she is the only one who could make them into a journal entry, but did not. How can I fix this so it doesn't look like a lot of money is missing and was never 'deposited'-as she told me to enter them all as 'undeposited' funds, I chose cash.

QuickBooks Online

MJoy_D

I'm here to assist you with managing past transactions and adjustments in your QuickBooks Online (QBO) account, @Dtothez.

You may request your QuickBooks Online account's primary or company admin to grant you Accounting access to enable you to view, create, edit, and delete Journal Entries. You can share this article with your admin to help them add Accounting access to your account: Add and manage users in QuickBooks Online.

Once Accounting access is granted, creating journal entries becomes seamless.

Here's a quick guide to get you started:

Navigate to the + New button and select Journal entry.
Provide all the necessary information.
Choose either Save and new or Save and close to finalize the entry.

Check out this guide for more information about creating journal entries in QuickBooks Online.

Additionally, if you ever need to reverse or delete a journal entry, here's a resource explaining the difference between the two actions and how to perform them: Reverse or delete a journal entry in QuickBooks Online.

Feel free to reach out if you require further assistance or information adding journal entries or anything else. We're here to support you every step of the way!

D

DtothezAuthor

Good morning, MJoy_D.

Thank you so much for your guidance. I really do not have any assistance or help, it is just me in this role and I am responsible for everything. I am going to start by reading through your response, taking notes, and looking over the additional links you provided. Then I will take another look at what the 'take action alert' is asking. At first look, my biggest concern is why all the undeposited funds as cash are showing up as money that still needs to be deposited. I realize maybe I entered it wrong, but I was under the impression that the CPA would go in and fix it. I told her I did not have the same access as her and there was no button for a journal entry so I used what I could for the level of plan access that I currently have. She told me to enter as undeposited and to tag into the correct categories and that she would look over the entries? I will say I am confused, but I am also worried about the owner's taxes being inaccurate. The CPA did the taxes and just said there was a big chunk of money unaccounted for and did not go in to fix it. I don't understand why she did not follow up and fix everything. However, right now I realize I am just on my own and am no longer counting on her for assistance as I've asked and I do not understand why she still hasn't tried to help or correct anything and that I am basically on my own.

If it's okay, I'd like to come back after further reading, reflection and analyzing what information I'm working with and work through today to figure out how to make the alert go away by making corrections. If there is a way to correct all the cash' undeposited funds, which were really the owner using money from the business for the following:

Business car purchase

Donations to charities

Creating a new non profit

Creating a another outside business

Business -home maintenance for office

Business- home office furniture

Business- travel

Business- home office repairs

Business- electronics

Business home office utiltities

Car maintenance

Business travel gas

I was told to just get them into the system and the cpa would do the rest-these were all things the owner wanted included that happened outside of QBO but connected to the business checking which I do not have direct access to.

If possible, if I can just figure out how to edit or redo this so that they balance out and do not look like a huge pool of cash that hasn't been deposited, with the limited access I have in relation to the CPA's accounting view access. Right now, all these are still entered as 'cash' undeposited funds, which I'm sure is making it look like there's a huge amount of cash out there floating around when really the owner just wanted to get credit for how he spent money outside of QBO with the business checking account-I only have access to QBO view, not the banking institution where the checking account is located.

I hope this isn't confusing and I would appreciate any assistance and additional guidance I can get. Thank you.

R

ReymondO

Thank you for getting back to the thread, @Dtothez.

Let me join in this conversation and provide you with further help to fix your books.

Before proceeding, can you tell me the exact action alert you see in your QuickBooks account? I'd also appreciate it if you could share how these transactions are recorded and your user access. This will help me provide the appropriate actions to accomplish your tasks in the program.

Since you've mentioned the Undeposited Funds account, let me share insights about this account and how it works.

The Undeposited Funds account holds invoice payments and sales receipts you want to combine. When your deposit slip is ready, you can combine these payments into a single record so that QuickBooks matches your bank records.

For additional reference, please check out this article: What’s the Undeposited Funds account?

If you want to edit your transactions in the Undeposited Funds account, simply open the account and redo them from there. Let me show you how:

Go to the Transactions menu and select Chart of accounts.
Look for the Undeposited Funds account, then click View register.
Click the transaction and select Edit to open its window.
Make any necessary changes, then click Save and close.

Please know that all payments in the Undeposited Funds account automatically appear in the Bank Deposit window. Once you have your deposit slip, you can now post the transactions to the correct account. Use this article as a reference in recording them: Record and make bank deposits in QuickBooks Online.

If you don't have access to your Chart of accounts, I'd suggest asking your primary admin to change your access. They can follow these steps to update your role:

Go to Settings ⚙, then select Manage users.
Find the user they want to edit and click Edit in the Action column. They can change the user role from the Roles ▼ drop-down menu.
Click the account management settings they want to manage.
Select Save.

For additional reference, you can check these resources:

Moreover, I recommend working with your accountant to help fix the discrepancies in your books. They have the right expertise to ensure everything is accurate.

If you have follow-up questions about correcting your books, just add them to the thread. I'll be more than happy to help. Have a good one.

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