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carla-venables
Level 1

Why does the chart of account balances for a pension liability-bal sheet not agree to the TB? Is there a recalculate button you can press to get the two to agree? QBO

 
3 REPLIES 3
RaymondJayO
Moderator

Why does the chart of account balances for a pension liability-bal sheet not agree to the TB? Is there a recalculate button you can press to get the two to agree? QBO

Thanks for posting in the Community, @carla-venables

 

Right now, the recalculate button to match the amounts in your pension liability account to the Trial Balance (TB) report is unavailable in QuickBooks Online (QBO). However, I have the steps you can perform to help resolve this issue. 

 

Here are the possible reasons their balances aren't the same: 

  • The Report period in TB and the liability account are not matched. 
  • The Accounting method in TB isn't appropriate. 

 

QBO covers the amounts in the TB report based on your financial year. I'd suggest clicking This Financial YearLast Financial Year, or All Dates on the Report period drop-down. Then, make sure to choose the appropriate accounting method. This way, their balances will be the same. I'll guide you how. 

  1. Go to Reports from the left menu. 
  2. Enter Trial Balance in the Search box and select it. 
  3. On the Report period drop-down, choose either This Financial YearLast Financial Year, or All Dates
  4. Select the appropriate Accounting method
  5. Click Run report

 

The screenshot below shows you the last three steps. 

TrialBalanceReport.PNG

 

Also, this date filter should be the same on your pension liability account from the Chart of Accounts menu. View the screenshot below for your visual reference. 

PensionLiabilityAccountBalances.PNG

 

Moreover, I'd suggest customising the TB report to get the specific information you need for your business. Then, click Save customisation to memorise it. Doing so will help you quickly access it in the future. For more details, visit this article: Memorising Reports

 

I'm always here to lend you a helping hand if you need anything else. Take care always, @carla-venables

carla-venables
Level 1

Why does the chart of account balances for a pension liability-bal sheet not agree to the TB? Is there a recalculate button you can press to get the two to agree? QBO

HI,

Thanks for your reply, but I don't think it is the TB balance that is incorrect. I think it is the the chart of account balance. Its does not seem to be taking into account one of the items in that ledger, there are two balances as at 30/4/20 and the running balance is only showing one of them and ignoring the other one. When you click into that account under the chart of account both transaction are then shown again? 

Angelyn_T
QuickBooks Team

Why does the chart of account balances for a pension liability-bal sheet not agree to the TB? Is there a recalculate button you can press to get the two to agree? QBO

Hello, @carla-venables.

 

To isolate the problem, we can try deleting and recreating the transaction that isn't showing correctly. Once completed, try opening the chart of accounts and the report. If you're getting the same experience, I encourage reaching out to our Support Team so they can look into this more closely.

 

To contact support, tap on Contact us from the Help menu.

 

Leave a comment below if you have any other questions. I'm always here to help. Have a good day!