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accounts1984
May 4, 2023
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why would my A/R Aging Summary Report not match my Balance Sheet for the same period?

  • May 4, 2023
  • 3 replies
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I have used QB Desktop for 30+ years and I have converted to QBO.  I need to complete my 2022 year and have discovered my A/R Aging Summary Report does not match the A/R on my Balance Sheet.  

How is this possible?

Best answer by Trevor11_2

There are several reasons why your Accounts Receivable (A/R) Aging Summary Report may not match the A/R balance on your Balance Sheet in QuickBooks Online. I assume, with your experience, that it's not the first two (but I included them just in case)

  • Date range: Make sure that the date range on both reports is the same. The A/R Aging Summary Report defaults to the current date, so you may need to change the date range to match the date on your Balance Sheet.

  • Accrual vs. Cash basis: Make sure that both reports are being run on the same basis, either accrual or cash. The Balance Sheet can be run on either an accrual or cash basis, while the A/R Aging Summary Report is always run on an accrual basis.

I think this last reason is the most likely. 

  • Aging method: The A/R Aging Summary Report defaults to the “Current” aging method.(even if you run the report for 12/31/22, any invoices that have been paid AFTER that date will NOT appear).  You can change the aging method to “Report Date” (i.e. Even if an invoice has been paid SINCE 12/31/22, it'll still appear on the report) by selecting Customize on the report, then selecting Aging and choosing “Report Date” under Aging Method.

If you’ve checked all of these factors and your reports still don’t match, there may be other issues causing the discrepancy. I suggest consulting with a QuickBooks Online expert or an accountant for further assistance.

Hope this works...and HAPPY QUICKBOOKSING!

3 replies

T
Trevor11_2Answer
May 5, 2023

There are several reasons why your Accounts Receivable (A/R) Aging Summary Report may not match the A/R balance on your Balance Sheet in QuickBooks Online. I assume, with your experience, that it's not the first two (but I included them just in case)

  • Date range: Make sure that the date range on both reports is the same. The A/R Aging Summary Report defaults to the current date, so you may need to change the date range to match the date on your Balance Sheet.

  • Accrual vs. Cash basis: Make sure that both reports are being run on the same basis, either accrual or cash. The Balance Sheet can be run on either an accrual or cash basis, while the A/R Aging Summary Report is always run on an accrual basis.

I think this last reason is the most likely. 

  • Aging method: The A/R Aging Summary Report defaults to the “Current” aging method.(even if you run the report for 12/31/22, any invoices that have been paid AFTER that date will NOT appear).  You can change the aging method to “Report Date” (i.e. Even if an invoice has been paid SINCE 12/31/22, it'll still appear on the report) by selecting Customize on the report, then selecting Aging and choosing “Report Date” under Aging Method.

If you’ve checked all of these factors and your reports still don’t match, there may be other issues causing the discrepancy. I suggest consulting with a QuickBooks Online expert or an accountant for further assistance.

Hope this works...and HAPPY QUICKBOOKSING!

JaeAnnC
JaeAnnC
May 5, 2023

Thanks for notifying us of your concern, @accounts1984.

 

Yes, Trevor is right. Allow me to chime in and share detailed information about why your Accounts Receivable (A/R) Aging reports don't match in QuickBooks Online (QBO).

 

The Aging Report typically defaults to Current if your balance sheet, trial balance, and accounts receivable aging reports don't correspond. Here's how to change the aging method to report the date:

 

  1. Open the A/R Aging report.
  2. Select Customize and click Aging.
  3. Under Aging Method, select Report Date.
  4. Click Run Report.

 

 

Moreover, ensure that the Balance Sheet is run using Accrual as the reporting method.

 

If you're still having issues, you can also consider the following items: 

 

  • A paid bill won't appear if paid today.
  • Check that the reports' date ranges line up.
  • Ensure that the figures you're comparing are accurate.
  • You'll want to match the Open Balance on your A/R Aging report to the Balance Sheet amount for Accounts Receivable.

 

In addition, if you notice customers with net zero balances in the A/R Aging Summary report, it's likely due to an invoice unlinked to a payment or credit. Here's an article to resolve it: Clear up customers with zero net balances in the Accounts Receivable Aging report.

 

Let me know if you have additional questions about the A/R Aging report in QBO. I'm always available around the clock to further assist you. Stay safe, and have a great rest of the day!

L
LisaX
November 10, 2023

I'm having this issue as well but I have QuickBooks Desktop Enterprise. 

 

The difference between my A/R Aging Summary and my balance sheet is $88,289.13 exactly and it is understated on my A/R report. When I posted a JE to debit A/R and credit Retained Earnings (and vice versa), both reports move in the same direction (plus or minus) without any resolve. 

 

I don't recall this error before so I'm not sure if it's a QuickBooks error or glitch or if I need to look at something else and if so, what do I need to look at? I've confirmed all my reports are being run as directed in this post.

M
maryk3
November 21, 2023

Hi, i am curious how you managed to migrate qb desktop to qbo, i always get an errror that intuit does not support some browsers and i should update the browsers, after which nothing happens

M
Mark_AG
November 21, 2023

Hello there, @maryk3 .

 

I see you are trying to migrate from QuickBooks Desktop to QuickBooks Online. To migrate successfully, you'll need to use compatible and updated browsers for QuickBooks Online to run efficiently. Using unsupported browsers will cause some functions not to work.

 

Here are the supported browsers for QuickBooks Online:

 

  • Google Chrome: version 78 or newer
  • Mozilla Firefox: version 76 or newer. You'll also need the Firefox PDF plugin to preview and print forms on Mac OS.
  • Microsoft Edge: version 79 or newer
  • Safari: version 12 or newer (Mac only)
  • Opera: version 68 or newer
  • Samsung: version 10 or newer

 

After successfully migrating, here's what you can do after converting from QuickBooks Desktop for Windows or Mac to QuickBooks Online.

 

If you have further questions about migrating from QuickBooks Desktop to QuickBooks Online, please feel free to reply to this post. I'm always available to assist you.

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