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I've got a VERY hard question about the accounting software quickbooks 07. If you have an answer, your a genus
I've got a VERY hard question about the accounting software quickbooks 07. If you have an answer, your a genus
At the beginning of this year we began inputting credit card charges into thru the vendor ?enter bill & expenses? section of QuickBooks, however we never used the pay bill section. We simply used the data for expense tracking purposes, the same went for inputting customer invoice; we never deposited the undeposited funds. Recently we did one large fund deposit and one large bill pay but the accounts were off by 20K positive, so we temporally placing that extra income as owners draw. Now we reconcile each month and input credit card charge property, and everything matches great.
Here is the catch, before we did that large bill pay and depots the undeposted funds. We forget to input a credit card statement which had many charges totaling 8,000. ( no wonder there was a positive difference ) What do we do with it, how can we input the charges w/out screwing everything up.
Answers:
As I understand this, you now want to move $8000.00 from the 'Owners Draw' to the expense accounts that were on the credit card statement right?
You can make a journal entry to correct this.
Go to 'Company' on the menu bar, then on the dropdown list click on 'Made Journal Entries'.
Click in the box under 'Account' and there should be an arrow to the right - click on it and chose the 'Owner's Draw' account you put the 20K in.
Tab over to 'Credit' and enter the amount you want to remove from that account - the $8000.00.
Now move down to the second line, back under 'Account' - under where you entered the 'Owner's Draw'.
Click in that box and use the arrow to chose the expense account you want for the credit card charges.
Tab over under 'Debit' this time and put the amount.
You can repeat several expenses - one under another.
When you are done - the Debits and Credits must match.
In the memo section you may want to list what you have done - To reclassify charges from Owner's Equity to expenses from Credit Card.
Click save and close.
Good luck!
2007-09-06 17:44:09