QB challenge

[Gretel]

Balance sheet for A/R shows 100,000 but open invoice report shows only 99,900. In 1999 when company file was started a mistake was made.

The newer versions of QB don't allow for A/R entry without name. What would you do? I can't think straight.

Maybe create an JE and debit A/R, credit other income outside of QB?

[KJ Judd]

QuickBooks can be "fun" sometimes. I've had the A/R Aging Summary not agree to the A/R on the balance sheet because a payment had not been applied to an invoice. You might want to check that. (Start with any $0 amounts listed in A/R aging. Hopefully they don't have too many.)

Also, QB will offer the suggestion of creating a special A/R customer called "Accountant's Use Only" to use in these situations. Just remember to inactivate the account when you are done so your client doesn't accidently use it!

[Gretel]

QuickBooks can be "fun" sometimes. I've had the A/R Aging Summary not agree to the A/R on the balance sheet because a payment had not been applied to an invoice. You might want to check that. (Start with any $0 amounts listed in A/R aging. Hopefully they don't have too many.)

Also, QB will offer the suggestion of creating a special A/R customer called "Accountant's Use Only" to use in these situations. Just remember to inactivate the account when you are done so your client doesn't accidently use it!

KJ, Thanks for the reply. I know exactly what happened: When creating the data file A/R was debited but not associated with any customer.

To fix this, are you suggesting to create a transaction in QB with a fake customer, then leave the balance in that customer account and make the customer inactive? Is this the only solution to this problem? I would hate to have this bugging us for years.

[Joe Btfsplk]

Journal entry

Balance sheet for A/R shows 100,000 but open invoice report shows only 99,900. In 1999 when company file was started a mistake was made.

The newer versions of QB don't allow for A/R entry without name. What would you do? I can't think straight.

Maybe create an JE and debit A/R, credit other income outside of QB?

If the invoices are correct, A/R should be credited and something, maybe income, should be debited.
A journal entry may be the only way.

[KJ Judd]

I guess the issue is what happened when that original A/R was paid. It should have gone "receive payments" against the A/R.

Any possibility you can go back to the 1999 transaction & associate a customer with it?

Or you can e-mail QB support & let them have a stab at it.

[Gretel]

Thanks again. Since we are dealing with a corrupted file (over 1 million corrupted transactions) it would not make any sense to try to figure out exactly what happened with the payment.

I just like to fix it the best possible way and think to do it outside of QB is the only option.

[veritas]

Do not

some versions of QBhave a database repair utility? If so back it up first before using.

[Black Bart]

A/r

Even though there's no customer to charge this to (I think that's what you're saying), the A/R general ledger figure needs to be credited for $100 to match the invoices. If you're not ready to charge it off to something yet, we used to use an an account that we titled "Suspense" and put it under the "Other Assets" section until deciding what to do with it (same principle as the suggested "Accountant's Use Only" account).

Eventually though, it's got to go to either expense or be butted against income. $100 is a bit much for something like "Cash Short/Over" or "Miscellaneous," so maybe it would look better to "bury" it as a reduction (debit) to an income account (as Joe suggested).