It is not ideal to have a CBBS or Cash Basis Balance sheet to reflect Accounts Receivable [A/R] or Accounts Payable[A/P] balances. This is because these accounts track open (unpaid) invoices and unpaid bills. Several companies use A/R & A/P accounts and report accounts on a cash basis. QuickBooks is not designed to work in this way when there are reporting anomalies present, and this can create discrepancies in its working.
Hence to ensure that cash basis reports have no anomalies you need to use only those transactions that have no effect on Accounts Receivable and Accounts Payable.
Every QuickBooks transaction has one source account and more than one target accounts. Run the Transaction Journal report and view the posted accounts for any transaction. The first line in the “Transaction Journal Report” shows the source account while the subsequent lines reflect the target accounts.
Hopefully, the blog gave you clear insight on how to clear the negative amount in your company Balance Sheet. Keeping your financial documents up-to-date and free of discrepancies is essential. Though, the steps can and solutions might be confusing at times. Speak to an expert at QuickBooks Desktop Support Phone Number +1-877-221-952O.