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Citrus54
March 4, 2024
Question

Balance Sheet and QBO checking

  • March 4, 2024
  • 1 reply
  • 0 views

When I run a Balance Sheet report, the QBO checking is showing up with a balance also. I have 2 business accounts but mainly use 1 because it is connected.  When a customer pays online, their payment is automatically matched to their invoice but is recorded in both checking accounts. Why is this showing up on my report with a balance? When I access the monthly statements for the QBO checking it is showing a balance of 0.00. I have QB live bookkeeping and they can't seem to understand why this is happening so ANY help would be greatly appreciated.

1 reply

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CarlSJ
March 4, 2024

Hi there, Citrus.

 

Upon further reading your post, it looks like you've already posted the same question here in the Community, and my colleague has already provided you with an answer. I'd be glad to guide you to the original post to assist you in proceeding. 

 

Please refer to this link for additional information: Re: Quickbooks Checking account (intuit.com)

 

If you need further assistance with your checking account balance or any QuickBooks-related queries, please feel free to notify me by adding a comment below. We're more than happy to help. Stay safe.

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Citrus54Author
March 5, 2024
Let me rephrase my question......I need to get the balance in the QBO checking account to 0.00 on my balance sheet. There really isn't money in there but according to my Balance Sheet there is $24,000 in there. My bookkeeper feels there is a step that is being missed by the program.
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Rasa-LilaM
March 5, 2024

Thank you for coming back to the Community, Citrus54.

 

Ensuring that your financial reports and accounts are balanced is crucial for maintaining organized books and facilitates a seamless reconciliation. Let's run some troubleshooting steps together to match the figures in your Balance Sheet report with those in your checking account.

 

Your checking account and Balance Sheet report have distinct functions. The online program utilizes account registers to monitor transactions by their source. It displays the full transaction history and current balance of an account.

 

On the other hand, the Balance Sheet report is all about the company's assets, liabilities, and equity. If your company's fiscal year varies from the calendar year, there may be discrepancies between the amounts on the report and the register. This is because the statement is generated using the calendar year.

 

To address your concern, you can perform any of the following troubleshooting:

 

Option 1: Change the date of the report to match your fiscal year:

 

  1. In your company, head to the Reports on the left and type Balance Sheet report in the Search bar. 
  2. Click the Customize menu and select the appropriate Report period.
  3. Tap the Run report button.

Option 2: Change your fiscal year on the company file:

 

  1. In your company, go to the Gear icon ⚙ and choose Account and settings.
  2. In the Advanced tab, head to the Accounting section and click the edit ✎ icon.
  3. From the First month of the income tax year drop-down, select January.
  4. Press the Save and Done button.

 

Check out this article for more in-depth information: Run a Balance Sheet report in QuickBooks.From there, you'll learn how to deal with discrepancies between the report and your register, as well as fix incorrect balance amounts. 

 

Moreover, utilize these resources if you need information on how to save the current settings in your statements, and steps to review your register. Feel free to open each link to know the steps to carry out each task:

 

Reach out to me again if you have additional questions about the data in your Balance Sheet report or your checking account. I'm only a few clicks away from help. Have a good one, Citrus54.

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