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M
Moike
June 14, 2023
Question

Expenses showing in balance sheet as Assets, cash on hand and in bank .

  • June 14, 2023
  • 4 replies
  • 0 views

I'm trying to file micro accounts and have run a report for the year but it's showing a negative Current Assets amount because expense transactions are all listed as cash on hand in the Assets section. The amounts are all categorised as Expenses, have negative amounts and are paid from Cash in hand and in Bank.

 

My filing is now overdue so any help would be much appreciated.

 

Mike

 

4 replies

G
GeorgiaC
June 14, 2023

Hi Mike, thanks for posting on the Community. Can we check which specific report you're running in QuickBooks, to offer further guidance on this? 

G
GeorgiaC
June 14, 2023

Apologies Mike, I can see you've stated this is relating to the Balance Sheet report - are the expenses showing under the 'cash at bank and in hand' subheading? If you're able to attach a screenshot of the report, covering any sensitive info and extraneous balances, that would be helpful. 

M
MoikeAuthor
June 14, 2023

Hi and thanks for your reply. Attached a couple of screeenshots showing some of the entries from the balance sheet and also where they are categorised as expenses.

M
MoikeAuthor
June 14, 2023

2nd attachment

JoesemM
JoesemM
June 14, 2023

Hello there, @Moike.I appreciate the screenshot you've provided showing the Expenses transactions in the Assets column.

 

I'd love to help you achieve your goal, but would you mind sharing more details about it? It can help us get on the same page and provide accurate resolution.

 

In the meantime, when running a Balance Sheet report it's normal that the expenses transactions show as a negative amount, and it's posting to the credit side because of the deduction from your bank. That said, the report you've shared is correct. For more details, see this article: Run a Balance Sheet report in QuickBooks Online.

 

I'll wait for your reply, or if you have any other questions, please let us know. We're always here to help. Have a great day.

M
MoikeAuthor
June 15, 2023

Hi @JoesemM I agree the amounts should show as negative in the balance sheet but he problem is the amounts are showing in Assets as Cash in hand or at bank. A negative figure can not be filed on a balance sheet for Current Assets.

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