How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask QuickBooks ProAdvisor MBA PHR Your Ow...

QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR, Management Consultant, QuickBooks ProAdvisor, MBA, PHR
Category: Financial Software
Satisfied Customers: 76
Experience:  QuickBooks Pro, POS Point of Sale, Online & Enterprise Solutions
Type Your Financial Software Question Here...
QuickBooks ProAdvisor MBA PHR is online now
A new question is answered every 9 seconds

Is anyone familiar with QB? If so, I need some help as to why

Customer Question

Is anyone familiar with QB? If so, I need some help as to why I have negative numbers in my P&L expenses? I have customers who prepaid on accounts, say in August. I was buying supplies for their project with a credit card( paying it in full monthly) expensing it to that specific job and then invoicing in Sept. QB would apply that credit amount to the invoice.
Submitted: 9 months ago.
Category: Financial Software
Expert:  Robert M. replied 9 months ago.

Hi, I'm Robert and I'll be helping you with your financial software question.

 

can you send me the report or list the items that show up as negatives ?

 

My guess would be it is the way you handled the pre pays. ie you applied them as a negative expense when they came due to balance the prepay rather than turning the prepay into a credit memo and then applying that to the invoice.

Customer: replied 9 months ago.


Hi-

Attachment: 2013-10-16_192427_sep_2013_ssc_pl.pdf

. I hope that you can see this attachment.

Customer: replied 9 months ago.


I do think it has something to do with how I applied the payment/credit memo to the invoice. I am just not sure how to fix it now. I have another customer account the same way. That is why I tried backing out of the transaction, deleting the deposit, deleting the payment received. The negative amounts on the P&L I sent previous are for items that I invoiced the customer in September, they issued a prepay in August.

Expert:  Robert M. replied 9 months ago.

yes that looks like every pre pay that you did got applied as a negative expense rather than a credit.

 

what you need to do is accept the pre pay as a credit memo giving them an open credit.

 

then just apply that credit when you create the invoice the same way you would apply a check if they handed you one after they got the invoice.

 

I think in this case you have to redo the entire invoice but there might be some people here that are more experienced in day to day working of quickbooks than I am. I come from the computer end and I am more specialized in when the program isn't working at all rather than how to adjust accounts in a working program. I have some knowledge of it so I can point you in the right direction but somebody else can be a lot more detailed and might know a better way to do it. or at least easier.

 

This post from quickbooks shows how it should be done as far as the future. But I know of no way to convert what you do have other than deleting them and starting over.

 

http://support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k12/contentpackage/core/retainers/task_applying_retainer.html

Expert:  QuickBooks ProAdvisor MBA PHR replied 9 months ago.
Robert is correct, your method is what is causing this problem. Generally prepayments are applied to a customers account and then used as a payment against an invoice. I understand why you were taking the payments the way you were, but QB is not compatible to your method & reporting will be off by doing it this way.

You can possibly use General Journal Entries to correct the errors, but I would only recommend using GJE if you have used them before, many times, correctly bc these are a backdoor to your financials & erroneous GJEs cause many more problems than they fix when done incorrectly.

The correct way will be to reverse (delete) the entries you have made and to redo by invoicing the customer & applying the payments already received.

If you require any additional clarification or additional assistance, please feel free to ask me http://www.justanswer.com/finance/expert-foxbizsolutions/

Thanks for using JustAnswer & for taking the time to rate your service experience today.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Robert M.

    Consultant

    Satisfied Customers:

    2624
    30 yrs. of computer experience in financial and marketing departments.
< Last | Next >
  • http://ww2.justanswer.com/uploads/flopcat98/2009-11-02_004348_rob_suit.JPG Robert M.'s Avatar

    Robert M.

    Consultant

    Satisfied Customers:

    2624
    30 yrs. of computer experience in financial and marketing departments.
  • http://ww2.justanswer.com/uploads/DF/dfmcpa7691/2011-1-9_14443_mainprofileimage.64x64.jpg Doug Millington's Avatar

    Doug Millington

    Certified Public Accountant (CPA)

    Satisfied Customers:

    268
    Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
  • http://ww2.justanswer.com/uploads/BB/bbl242003/2010-12-15_24730_mr.BruceBecker.jpg bbl242003's Avatar

    bbl242003

    Accountant

    Satisfied Customers:

    182
    MBA
  • http://ww2.justanswer.com/uploads/AN/AnswerCPA/2011-9-25_161544_Photoprofessionalportraitseptia.64x64.jpg AnswerCPA's Avatar

    AnswerCPA

    Advisor

    Satisfied Customers:

    175
    QuickBooks Pro Advisor
  • http://ww2.justanswer.com/uploads/Leanne0424/2010-09-06_222047_Just_Answer.jpg Leanne Stewart's Avatar

    Leanne Stewart

    Quickbooks Pro Certified

    Satisfied Customers:

    153
    QuickBooks certified, in my own business for 7+ years.
  • http://ww2.justanswer.com/uploads/Welltor/2010-04-30_122105_welltor.jpg David Bennett's Avatar

    David Bennett

    Certified QuickBooks ProAdvisor

    Satisfied Customers:

    91
    16+ yrs exper. QuickBooks Specialist, contract accounting technician, consultant & trainer!
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    75
    Three years as Expert support for Turbotax Ask a Tax Expert, Quickbooks support and use >6 yrs