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Old 07-08-2016, 07:54 AM
saghirh saghirh is offline
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Join Date: Jul 2016
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transer employee advance to undeposited funds

Hi ..I am a newbie to QB and started liking it. Since I was entering data without help I ended up seeing Employee Advance had some amount. Can anyone help me how to transfer those funds to a regular account such as undeposited funds.

p.s. When I click on Employee Advance I see window which tells me to transfer from to and from. I did that and now I have the same amount in negative.
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Old 07-12-2016, 09:31 PM
Lorin Browning Lorin Browning is offline
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Join Date: Apr 2004
Location: Landrum SC
Posts: 656
It sounds as if an employee is repaying money that was lent to or advanced to him by the company.

If so, the proper general journal entry to record receipt of that money would be
(a) a credit to the Asset Account called something like Employee advance, and (b) a debit entry to Undeposited Funds.
Then you need another entry to get the money into the bank:
(c) a credit entry to Undeposited Funds and (d) a debit entry to Bank.
In other words, when the money comes in it is recorded to Undeposited Funds and then taken out of Undeposited Funds when deposited to the bank.
Lorin Browning, Ph. D.
Fellow -- National Tax Practice Institute

Last edited by Lorin Browning; 07-19-2016 at 05:44 PM.
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