Skip to main content
B
BeyondTheBox
January 12, 2020
Question

I have an account with a negative balance. No transactions in the account. No opening balance row. I want the balance to be zero. Inactivation did not clear. How to Fix?

  • January 12, 2020
  • 3 replies
  • 0 views
Original commenter did not share additional details

3 replies

B
BeyondTheBoxAuthor
January 12, 2020

This is an equity account. I moved other accounts under it at one point but somehow the balance is not invalid. QB says inactivating will zero it out...well that doesn't happen. Perhaps its a errant journal issue but I cannot find any transactions making the balance so the account simply has an invalid balance.

 

I should be able to fix this on my own, but can't.

KlentB
KlentB
January 12, 2020

I can help you fix this, BeyondTheBox.

 

We can pull up the Transaction Detail by Account to check of there's a transaction attached to that account. If it's a regular equity account, we can deactivate it by selecting YES from the prompt. However, we can't delete it if it's an opening balance equity account since it's used to create initial balance or balance adjustments. 

 

Here's how: 

  1. Select Reports from the sidebar menu.
  2. Search Transaction Detail by Account.
  3. Select All Dates from the Report period drop-down menu.
  4. Hit Run report.
  5. Check if there's a transaction attached to the equity account.

Please visit this article to learn more about the accounts that can be deleted, edited, or merged in QuickBooks Online: Manage default and special accounts in your chart of accounts.

 

Let me know how it goes in the comment section. Don't hesitate to tag my name if you have any other concerns or questions about accounts. I'll keep an eye out on your response.

 

B
BeyondTheBoxAuthor
January 12, 2020

 

The transaction report shows no transaction for that account across ALL time. Inactivating the account does not clear the balance as Quickbooks Online says it will.

 

I conclude that this account is corrupt. I don't want a corrupt account, active or inactive, associated with my books. The link you provided is for QB, not QB online and while the information is likely similar...there is no account deletion in the online version (and there should be).

 

I would like Quickbooks to fix that bad account by setting its balance back to zero (something I should be able to do but can't). The fact that it even exists is very troubling.

A
Anonymous
January 12, 2020

Hi there, BeyondTheBox.

 

When an account has a balance, there should be at least one transaction showing up from the register. 

 

Let's go back to this equity account and change the filter to All dates. It could be that the selected dates filtered the data causing that there's no transaction showing up. 

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click on the View register link for this equity account.
  4. Select All from the Reconcile Status drop-down option.
  5. Select All dates from the Date drop-down option.
  6. Click on Apply.

Select the transaction that's causing the negative balance and click on Delete. 

 

If the account's transaction list report doesn't show any data, let's report this to our engineers. Please contact us so we can create a case. 

  1. Click on the Help icon.
  2. Select Contact us.
  3. Enter the topic and click on Let's talk.
  4. Choose a way to reach us (by messaging an agent or requesting for a callback).

If you have other questions, we are here to help you more. 

B
BeyondTheBoxAuthor
January 13, 2020

As I previously indicated: "There are no transactions" in the account.

 

I dont understand why you didn't just open a ticket.

B
BeyondTheBoxAuthor
January 13, 2020

I see it has been corrected but it is still a concern because that was a significant issue in an account I was using then had to abandon because of that issue. How many other potentially have bad data in accounts.

 

Perhaps its time for QB to run some validations across the platforms to ensure this is not a wider issues, and correct it where found.

E
EZGOJO
March 9, 2024

I am having the exact same issue, I had a sub account at one point with a balance but have now moved the sub account. The parent account still shows a negative balance but there are no transactions in the register. Can a quickbooks expert help me?

C
ChristineJoieR
March 9, 2024

Hello there, EZGOJO. I can offer some general guidance regarding this issue between your parent account and sub-account under your bank register in QuickBooks Online.

 

You can scrutinize for any filters or settings that might be hiding transactions in the register and verify that you closed or reconciled the sub-account before moving it. Verify that the sub-account has a zero balance.

 

Furthermore, you can verify if there are outstanding invoices that have not been paid to your company yet, as income from invoices only posts to a bank account when payments are recorded manually.

 

If you find deleted transactions in the audit history, consider recreating them using the audit Log feature in QuickBooks Online.

 

It's advisable to consult your accountant for guidance on handling these transactions effectively and to ensure your books are accurate.

 

By following these steps and seeking professional advice, you can address the discrepancy in your QuickBooks balance effectively. Let me know if you have other concerns. Have great day ahead. 

E
EZGOJO
March 9, 2024

The sub account apparently did not have a zero balance before I moved it, however changing the sub account balance now does not affect balance on this account that should be zero. It's appears that this account is still reflecting the sub account balance even though the sub account is no longer under this account. 

Terms & ConditionsAccessibility statement