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Jill M
May 7, 2022
Question

Chart of Accounts QB Balances

  • May 7, 2022
  • 5 replies
  • 34 views

We are just now setting up our QB retroactively to January 2021. I entered my beginning balances per my 12/20 ending financials. I manually entered deposits and checks for January 2021 because my bank only goes back 3 months for connecting trx or downloading in to a CSV file. Everything balances and I was able to do my January 2021 bank reconciliation.  On my chart of accounts the QB balance is only showing for the accounts that are in my initial set up and none of the other accounts that were affected by the manual entry of the January 2021 deposits and checks except for the cash account. If I click on Run Report and adjust the dates to 2021 the report is accurate but on the COA main screen there is nothing. 

 

 

 

5 replies

Rustler
Rustler
Level 15
May 7, 2022

Income and expense accounts are shown for the current year only in the chart of accounts.

Rainflurry
Rainflurry
Level 11
May 7, 2022

@Jill M 

 

Income and expense accounts do not show a balance in the COA because there is no current balance for income or expense accounts.  Income and expense accounts have a balance over a time period (last month, last year, first quarter, YTD, etc.) and that difference (income-expense) is shown as net income (for the current year) and is included in retained earnings for previous years.

Rustler
Rustler
Level 15
May 8, 2022
@Rainflurry wrote:

@Jill M 

 

Income and expense accounts do not show a balance in the COA because there is no current balance for income or expense accounts.  Income and expense accounts have a balance over a time period (last month, last year, first quarter, YTD, etc.) and that difference (income-expense) is shown as net income (for the current year) and is included in retained earnings for previous years.

 

Yeah I should have said that is the case normally, but the chart of accounts can be toggled to show both balance sheet and P&L accounts with their balance - guess I was thinking of that scenario.

Rainflurry
Rainflurry
Level 11
May 8, 2022

@Rustler 

 

Thanks Rustler.  I wasn't aware that you can toggle the COA to see the P&L account balances YTD.  How do you do that?

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