QB Issue Resolution:
If I’m reading this right, you have one liability account whose balance increases with every contribution you receive, and it never decreases; and you have one liability account showing a negative balance that grows more negative with every tax payment, and never moves toward zero. So all contributions were credited to one liability, and all payments were debited against the other.
If this is the case and the balances are equal (one positive, one negative) then the liability wasn’t tracked properly to begin with. You should be able to safely transfer the balance of one account over to the balance of the other, making both accounts zero.
But if this scenario is correct yet the balances don’t match, you’ll want to reconcile the two accounts against each other to find unmatched entries, and then make any needed adjustments. If you find that more contributions have been made than taxes paid, you may need to pay out some refunds. If it’s okay with the homeowners, you could instead reallocate the overpayments to some other area of need that benefits everyone.
There’s usually some rationale underlying odd setups like this, maybe something having to do with reporting or making it easier to complete tax returns. If you have important reports, you might want to run them all before and after so that you’ve got a handle on any changes.
Resolution for Issue 'How can I zero out a pair of liability accounts?' available: Yes (Solved).
Source: Intuit Community forum.
How can I zero out a pair of liability accounts?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Balance
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