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March 10, 2023
Question

My balance sheet shows a credit on liability section. Why is it not calculating the expenses against the credits on the balance sheet?

  • March 10, 2023
  • 1 reply
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I have 3 companies set up as Classes.  When I consolidate they show the correct credit card liability.  But when I try to run sperate balance sheets, I only see the amount paid on the credit card.  Not the expenses to it.  Making my credit card liability a large credit to that account.

1 reply

March 10, 2023

Hello. 

 

I'll take this moment to share some helpful information about how the Class filter works on the Balance Sheet report. 

 

QuickBooks uses the headers and details to display the data on your report. 

 

The Class filter acts differently on the Balance Sheet. This report uses the data from headers (banks, Accounts Receivable, etc..) to display the transactions. However, the Class field is linked to the details, such as an item, expense, or income account. 

 

So, when you run a consolidated Balance Sheet report, it shows the correct balance. But when filtered by classes, the payments and expenses are separated. This is why you're seeing credits on the credit card account line. 

 

 

With that said, we're unable to create a class division on the Balance Sheet report. Although, we can still run the consolidated version, then check the Class column when determining the companies for credit card expenses and payments. 

 

If you need more details, check out this article: Run a balance sheet by class or location in QuickBooks Online

 

Are you ready to reconcile your credit card account after reviewing the transactions? Check out this article as a guide on the process: Reconcile an account in QuickBooks Online.

 

If you'd like me to clarify some other information about the reports, let me know and I'll gladly jump back here again. Feel free to add any other concerns you might have about your entries, forms, and lists. Always here to help.