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A
Ablojep
February 20, 2024
Question

Balance sheet report

  • February 20, 2024
  • 2 replies
  • 0 views

Ran a cash basis balance sheet comparison report for period 01/01/23 to 12/31/2023.

Why does the balance sheet amount not match the COA register for period ending 12/31/2023?

In the attached screenshot, the balance sheet amount for "Office Hardware" is $33,042.74 but in the COA register it is $35,363.58 (last entry on 10./14/23)

 

Note also that the amounts don't match either for period ending 12/31/2022.

 

Thanks.

 

2 replies

I
I used to have an invoices sho
February 20, 2024

Hey there Ablojep! I'm all set and excited to help you out with any financial data inconsistencies. Let's collaborate and make sure everything is fixed.

One important thing to remember while preparing a balance sheet is to ensure that the cash balance matches the amount on the reconciliation report. This is a standard practice followed by all accounting software. To ensure that the line items on the balance sheet are accurate, it's crucial to link them to a source document. In this case, the bank reconciliation report serves as a source document, and it's essential to reconcile all items accurately for every bank account. By doing so, you can ensure that everything is in order and avoid any discrepancies.

Please note that the Register Balance on the bank reconciliation report is completely independent and not linked to the current bank balance on the Balance Sheet report or Chart of Accounts page. This balance represents the total balance obtained after the reconciliation process and is often used as the starting point for the next accounting cycle.

For a sum of all posted transactions in QuickBooks, you can check the balance on the Balance Sheet report or Chart of Accounts page.

 

Moreover, you might find it helpful to check out these articles to get more information: 

 

Please keep me informed if you have additional concerns with running reports on your QuickBooks Online. I'll be here anytime to help you. Have a great day!

Rainflurry
Rainflurry
February 20, 2024

@Ablojep 

 

You must have transactions totaling $2,320.84 that are being ignored when you run a cash basis BS - most likely bills.  QB ignores bills on cash basis.  Can you post a screenshot of your entire COA register for Office Hardware?     

A
AblojepAuthor
February 21, 2024

Thank you for your response.

I'm not exactly sure what I am looking for.

 

I've attached a screenshot of the COA for Office-Hardware as you requested.

Rainflurry
Rainflurry
February 21, 2024

@Ablojep 

 

There are a lot of bills (2013 & earlier) on your Office Hardware register.  There must be a combination of them totaling $2,320.84 that are showing unpaid in QB.  Run an Unpaid Bills report (or go to New > Pay bills) and locate them.  

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