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Don1950
January 12, 2024
Question

Balance Sheet Report - Cash Basis

  • January 12, 2024
  • 1 reply
  • 0 views

Balance Sheet amount for bank accounts shows bank register amount in both cash basis and accrual basis.  All settings are for cash basis, as that is what the business uses.  Accounts have been reconciled but balance sheet still shows register amount.

1 reply

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GlinetteC
January 13, 2024

Hello there, Don1950.

 

I appreciate you reaching out to us with your query regarding the Balance Sheet report in QuickBooks Online.

 

In QBO, the balance sheet shows the bank balances based on the Report period rather than the Accounting method used. You can check this article that gives you a financial snapshot of your company: Run a Balance Sheet report in QuickBooks Online.

 

I'm also including a link for further information on the variances between cash and accrual methods in QuickBooks Online, as well as instructions on how to switch between them: Choose between cash and accrual accounting methods in QuickBooks Online.

 

I'm always here if you have further questions regarding the balance sheet report or other relevant issues. I'll be sure to assist.

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Don1950Author
January 13, 2024

I understand the difference between a Profit & Loss which reflects the period selected for the report and the Balance Sheet which reflects a snapshot for a particular date.  Cash basis recognizes income and expenses when they are received or paid as of the date of the report so to show no difference between cash basis or accrual basis for bank accounts seems odd to me.   The company is set up for cash basis so the accounts receivable aging method has no bearing as in cash basis the accounts receivable do not show on the balance sheet.

S
SarahannC
January 13, 2024

I appreciate you for your response and for providing additional clarification, Don1950. I'm here to offer information regarding this issue.

 

Yes, that seems unusual. Just to clarify, are you utilizing the Balance Sheet Transaction Detail report? If so, please know that we are currently conducting an investigation into missing transactions in the Cash basis when using the Balance Sheet Transaction Detail report. 

 

This behavior is closely linked to the current investigation. Thus, I recommend contacting our Support Team to include your name on the list of affected users. Here's how to contact them:

 

  1. In your QBO account, click on the Help icon.
  2. Choose Contact us.
  3. Provide a brief description of your issue and follow the on-screen instructions.


To find out more about customizing the Balance Sheet report and how to personalize it, you can refer to the articles linked below:

 

 

Please utilize the Reply button if you need help with QuickBooks reporting. We're all right here to help.

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