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Friarstor
February 16, 2023
Question

Cash Basis Balance Sheet

  • February 16, 2023
  • 2 replies
  • 0 views

Ran a balance sheet report as of December 31 with one cash balance. Ran the exact same balance sheet report again in January and it showed a different cash balance.  Figured out the difference were checks that were reconciled in January that some how modified the Dec cash balance.  How can this happen and how can we fix this not to happen again? We are on a cash basis accounting.  The reconciled balance sheet report for Dec should not change regardless of when it's run, correct?

 

Roxane

2 replies

DivinaMercy_N
DivinaMercy_N
February 16, 2023

Hi there, @Friarstor. I'm here to help ensure you run your Balance Sheet report correctly in QuickBooks Desktop (QBDT).

 

Running the Balance Sheet report using the cash method will show those paid transactions that involve Product/Service items or Liability accounts. Also, it won't display the Accounts Receivable A/R (Asset) and Accounts Payable A/P (Liability).

 

Since the details showing up on your report is not consistent. You'll need to ensure that you set it to the correct accounting method. 

 

If this is not the case, you can follow the steps in this article to fix your Balance Sheet report:  Fix a Balance Sheet that's out of balance. 

 

I'll also include this helpful guide that you can use in case you need to modify the details of your report: Customize reports in QuickBooks Desktop.

 

I'm always here ready to lend a hand if you have any other concerns about running the Balance Sheet report in QBO. Have a good one and stay safe. 

F
FriarstorAuthor
February 17, 2023

Thank you for your reply.

 

When we set-up QB we did choose the cash basis under the accounting.

 

When the reports are created it also gives us an option in the top left to choose between cash and accural and we always select cash.

 

Any other thought on why this is happening? 

Thank you 

    Candice C
    Candice C
    February 17, 2023

    Good morning, @Friarstor. 

     

    I appreciate you coming back to the Community. Allow me to point you in the right direction. 

     

    To get the best solution to your problem, I recommend contacting our Customer Support Team for further assistance. They have a screen share tool they can use to review your account with you and narrow down the root of the issue. Here's how: 

     

    1. Go to the Help menu. 
    2. Press the QuickBooks Desktop Help option. 
    3. Hit the Contact Us hyperlink/button. 
    4. Enter your question and click Let's talk. 
    5. Scroll down and choose to Get a callback. 

     

    It's that easy! 

     

    Keep us updated on how the call goes. We're always here to lend a helping hand. Take care! 

    BigRedConsulting
    BigRedConsulting
    February 18, 2023

    @Friarstor  RE: Figured out the difference were checks that were reconciled in January that some how modified the Dec cash balance.

     

    I'm not sure why it appears that way, but changing the reconciliation status on any transaction won't change the balance sheet. The only use for that status is for reconcile. It has no impact on your books.

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