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DebC12
June 17, 2021
Question

How to fix cash basis reports; bank balances are dramatically different than accrual reports after migration.

  • June 17, 2021
  • 6 replies
  • 34 views

After migrating from desktop to QB online, my bank balances on the cash reports show negative balances in the millions! How do I fix this?

6 replies

Adrian_A
Adrian_A
Level 8
June 17, 2021

Hi DebC12,

 

There are few things you need to know when generating financial reports especially Profit and Loss in QuickBooks.

 

Income on the accrual basis includes all bills sent to your customers, regardless of whether you've received payment or not. While income on a cash basis only includes revenue that your customers have paid to you. Expenses on the accrual basis include everything you owe, regardless of whether or not you've sent a payment. While Expenses on a cash basis include only the values that you have already paid.

 

If the missing entries should be included on the cash report, let's run the report on an incognito window. 

 

We can use these keyboard shortcuts to open one:

 

  • Google Chrome: Ctrl + Shift + N
  • Mozilla Firefox: Ctrl + Shift + P
  • Microsoft Edge: Ctrl + Shift + P
  • Safari: Command + Shift + N

 

If it works, we can go back to a regular browser and clear its cache. We can also switch to a different supported browser like Google Chrome, Mozilla Firefox, Safari, or Microsoft Edge as alternative.

 

You might want to visit this article about cash and accrual accounting. This provides further information on how each one works so you can choose the best bookkeeping practices for your business.

 

You're always welcome to visit the Community. Don't hesitate to get back to us if you have other concerns. Take care!

DebC12Author
June 17, 2021

Thanks for the reply. I understand the difference between cash and accrual reports. 

Bank balances should remain the same with both reports. My reports on the cash reports show my bank balances in the negative millions, whiile my accrual report has the correct balance.  Clearly, the cash reports are off because of the migration, but I'm not sure how to fix it.

ReymondOModerator
Moderator
June 17, 2021

Good day, @DebC12.

 

Did you get the same result after following the steps that were shared above?

 

If so, I'd recommend reaching out to our QuickBooks Support Team. This way, our Data Services team can check your account and fix the discrepancy in your report.

 

Here's how you can reach out to them:

  1. Click the Help menu in the upper-right hand corner and click Talk to a human.
  2. Type in "Talk to a human", then press Enter.
  3. Look for I still need a human and click on it.
  4. Select Get help from a human.
  5. Choose between Chat with us, Schedule an appointment, or Have us call you.

 
Please check out our support hours to ensure that we address your concerns on time.

 

Additionally, here are some resources you can use in managing your reports in QuickBooks Online (QBO): 

 

Let me know how it goes adding a comment down below. I'm always here to help you. Keep safe.

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