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Jayfel
January 9, 2019
Question

arrange Balance Sheet account items

  • January 9, 2019
  • 2 replies
  • 0 views

Hi Team,

 

How can we arrange accounts in the balance sheet and p/l report? Example, my cash on hand is classified as Other current asset and it is showing now in the bottom of the current assets, I want to show it as the first account shown in current asset.  I don't want to classify it as Bank type as it would appear as savings account where as it is just a petty cash. Please help. 

 

Thanks in advance.

2 replies

A
Anonymous
January 9, 2019

Hello, @Jayfel.

 

It's nice to see you in the Community again. Allow me to help share some information about the account items in the Balance Sheet report. 

 

In QuickBooks Desktop, we don't have the option to rearrange the accounts showing in the Financial reports. If you really want to arrange the accounts, you can export the report to excel and have to manually re-arrange it there.

 

While we don't have the option yet to do this in QuickBooks, I'd suggest sending feedback to our Product Developers. By doing so, this will help us make the request for the feature to be included in future updates.

 

You can send your feedback by clicking the Help menu on your QuickBooks. From there, select Send Feedback Online and click Product Suggestion.

 

 I'm going to send the same request over here on my side, so we're getting them through both employee and customer channels. 

 

Let me know if you have other questions about your Balance Sheet. I'm here to help however I can.

J
JayfelAuthor
January 10, 2019

Thank you  @qbteachmt and @255439 for the responses.

 

We don't use the QB though as our main system, we only use the QB for generating report - Balance sheet and P/L - hence all our transactions are entered in the General Journal. We maintain our subsidiary ledger for customers, vendors etc in a separate system.

 

In connection of the above, I have another issue when it comes to making a general journal for accounts receivable multicurrency. 

 

We have transaction usually for services multicurrency, say my homecurrency is KYD and other currency is USD. Now when setting up services, we usually credit it to KYD. so my entry is Dr. Accounts Receiveble KYD and Cr. Service Revenue. Now when a customer is paying, he might pay in KYD/USD. Here comes the problem now as the general journal field's currency must match the currency of my account. How can I journal the payment when there is a USD transaction? general journal doesn't allow debiting accounts receivable USD and at the same time crediting accounts receivable KYD. 

 

Hoping again for prompt response.

HoneyLynn_G
HoneyLynn_G
January 10, 2019

Thank you for getting back and providing more details, @Jayfel.

 

Allow me to join this thread and share some more insights about your multi-currency journal entry request.

 

Currently, the setup of the general journal field's currency must match the account. Which is why it isn't allowing you to debit accounts receivable USD and at the same time credit accounts receivable KYD.

 

As a workaround, you can set up and use a clearing account. This allows you to move money from one account to another account when you cannot move them directly.

 

Here's how:

  1. Click Lists.
  2. Choose Chart of Accounts.
  3. Right-click on your mouse and choose New.
  4. Choose the Bank radio-button.
  5. Click Continue.
  6. Enter the Account Name. Example: Clearing Account, Barter Account or Wash Account.
  7. Do NOT enter an opening balance.
  8. Click Save & Close.

 

Use this Clearing account when you create a Journal Entry for your customer's transaction with different currency.

 

That's it. Keep me posted if there's anything else you need. I'm always here to provide further assistance. Have a good one!

qbteachmt
qbteachmt
January 9, 2019

This is Bank: "I don't want to classify it as Bank type as it would appear as savings account where as it is just a petty cash."

 

Yes, you are managing Cash and spending and deposit and Bank is a type of asset, but with the Functionality of Spending and Deposit entry types. A CD is "other asset" but Petty cash, or Cash on Hand, and your Safe in the backoffice, these are Bank Type of accounts in your program, so you can use the Banking tools to manage the movement of funds.

 

Example: Petty Cash as Bank allows you to include Payee name on the Spending transaction and track that to a customer, if that also applies, and Billable or not. You need to avoid JE for Names, so you have the functionality you are missing by making them Bank; not some generic asset type.

 

When you have Cash, that sort of falls under the concept of  Cash and Cash Equivalent = Bank Type. And now, for managing petty cash, you occasionally Count it and use that for the Ending balance to Reconcile. You have to manage cash on hand the same as cash in the bank. You just don't have an external financial institution that is holding your money. You are holding your money. And it's Real Money, and that makes it a 'stash of funds' = Bank, in the accounting.

J
JayfelAuthor
January 10, 2019

Thank you  @qbteachmt and @255439 for the responses.

 

We don't use the QB though as our main system, we only use the QB for generating report - Balance sheet and P/L - hence all our transactions are entered in the General Journal. We maintain our subsidiary ledger for customers, vendors etc in a separate system.

 

In connection of the above, I have another issue when it comes to making a general journal for accounts receivable multicurrency. 

 

We have transaction usually for services multicurrency, say my homecurrency is KYD and other currency is USD. Now when setting up services, we usually credit it to KYD. so my entry is Dr. Accounts Receiveble KYD and Cr. Service Revenue. Now when a customer is paying, he might pay in KYD/USD. Here comes the problem now as the general journal field's currency must match the currency of my account. How can I journal the payment when there is a USD transaction? general journal doesn't allow debiting accounts receivable USD and at the same time crediting accounts receivable KYD. 

@qbteachmt wrote:

This is Bank: "I don't want to classify it as Bank type as it would appear as savings account where as it is just a petty cash."

 

Yes, you are managing Cash and spending and deposit and Bank is a type of asset, but with the Functionality of Spending and Deposit entry types. A CD is "other asset" but Petty cash, or Cash on Hand, and your Safe in the backoffice, these are Bank Type of accounts in your program, so you can use the Banking tools to manage the movement of funds.

 

Example: Petty Cash as Bank allows you to include Payee name on the Spending transaction and track that to a customer, if that also applies, and Billable or not. You need to avoid JE for Names, so you have the functionality you are missing by making them Bank; not some generic asset type.

 

When you have Cash, that sort of falls under the concept of  Cash and Cash Equivalent = Bank Type. And now, for managing petty cash, you occasionally Count it and use that for the Ending balance to Reconcile. You have to manage cash on hand the same as cash in the bank. You just don't have an external financial institution that is holding your money. You are holding your money. And it's Real Money, and that makes it a 'stash of funds' = Bank, in the accounting.

@qbteachmt wrote:

This is Bank: "I don't want to classify it as Bank type as it would appear as savings account where as it is just a petty cash."

 

Yes, you are managing Cash and spending and deposit and Bank is a type of asset, but with the Functionality of Spending and Deposit entry types. A CD is "other asset" but Petty cash, or Cash on Hand, and your Safe in the backoffice, these are Bank Type of accounts in your program, so you can use the Banking tools to manage the movement of funds.

 

Example: Petty Cash as Bank allows you to include Payee name on the Spending transaction and track that to a customer, if that also applies, and Billable or not. You need to avoid JE for Names, so you have the functionality you are missing by making them Bank; not some generic asset type.

 

When you have Cash, that sort of falls under the concept of  Cash and Cash Equivalent = Bank Type. And now, for managing petty cash, you occasionally Count it and use that for the Ending balance to Reconcile. You have to manage cash on hand the same as cash in the bank. You just don't have an external financial institution that is holding your money. You are holding your money. And it's Real Money, and that makes it a 'stash of funds' = Bank, in the accounting.


 

Hoping again for prompt response.

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