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Level 1

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

I have noticed in the settings that under Advanced settings it says that the first month of the financial year is in January instead of April and that this has been automatically finalised at the end of 2019. The main issue now is that when I try to get the Trial Balance for the year between 01/04/2019 to 31/03/2020 the trial balance that comes up will only show the figures for January 2020 to March 2020, so it is wrong. 

Is there a way to cancel the year-end finalisation so that the Trial Balance shows the correct balances for every account is the specified date range? Or remove the retained earnings from the report if that will help it balance and show the correct figures between 01/04/2019 to 31/03/2020. 

I have attached a picture of the trial balance with the example of the sales figure on it being wrong.

Quickbooks Trial Balance.png

Solved
Best answer November 18, 2020

Accepted Solutions
QuickBooks Team

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

Thanks for that information beckyfowler and for trying those steps as well. Can we ask what type of user are you on the account? to find out if you go to the main cogwheel>manage users> it will tell you in there. 

 

Also, could you try on a different device see if the same thing happens in there and let us know how you get on. 

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9 REPLIES 9
QuickBooks Team

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

Let me first welcome you here in the Community, BeckyFowler.

 

Thanks for sharing the details of what you'd like to achieve in QuickBooks Online.

 

The Trial Balance report is designed to show all running balances of the accounts. Thus, changing the date range of the reporting period to a monthly basis won't change the running balances.

 

We can export the report in Excel to make the necessary changes in the report. I'll guide you how:

  1. Go to the Reports menu.
  2. Type in Trial Balance in the search bar, then click to open.
  3. Set the correct date range.
  4. Select Months from the Display columns by drop-down arrow.
  5. Click on the Run Report button.
  6. Choose the Export drop-down arrow.
  7. Select Export to Excel.

 

Additionally, I've added an article that'll guide you personalising your reports in QuickBooks Online: Customise Reports.

 

Keep us updated by clicking the Reply button if you have any other questions. This way, we'll be able to answer them for you.

Level 1

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

I don't want it as a monthly basis, all I want to do is get the trial balance for the financial year between 01/04/2019 to 31/03/2020 so I can complete the accounts for this company, instead of the rubbish that the Trial Balance comes up with at the moment which ignores the dates I put in and does 01/01/2020 to 31/03/2020 instead. Profit and Loss amounts like the sales do not having running totals, they are expenses that are for the year and end at the year. With the financial year having been ended at the wrong dates, it means that the trial balance is ignoring the dates I type in. I need to know how to reverse this - either by getting the report to do what I say (like by cancelling the year-end finalisation), or removing the retained earnings so I can work it out myself.

QuickBooks Team

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

Let me share additional information to help you generate a correct Trial Balance report, @BeckyFowler.

 

You can export the Trial Balance report to excel and make the necessary modifications to it. Here's how:

  1. Go to the Reports menu.
  2. Scroll down to the For my accountant section.
  3. Choose the Trial Balance report.
  4. Set the Date Range to include 2018 - 2020.
  5. Select Months from the Display columns by drop-down.
  6. Click the Run Report button.
  7. Hover your mouse to the Export drop-down arrow.
  8. Pick Export to Excel. 29.JPG

Once downloaded, you can start making adding the necessary filter to show only the information you need. You can read through this article for more detailed information: Export your reports to Excel from QuickBooks Online.

 

Lastly, I'd recommend consulting with an accountant so you'd be guided accurately in managing your business-related finances.

 

Don't hesitate to leave a comment below if you have other questions about generating financial reports in QuickBooks. I'm always here to help.

Level 1

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

This also doesn't answer my question. I already showed that I knew how to make a Trial Balance in the picture I attached to my question, since it shows I adjusted the date range to the custom dates and generated the report, and I already know how to export it to excel - which is useless since the figures generated on the report at the moment are wrong! Despite me adjusting the dates to 01/04/2019 to 31/03/2020 the report will show the figures for 01/01/2020 to 31/03/2020.

At the very least could someone tell me why Quickbooks won't let me change the financial year date in the settings section. I change it to April, click save and it doesn't do anything so that when I go back onto settings it returns to saying the financial year is January. I think that is the main reason my report is being messed up.

Quickbooks Settingas.png

QuickBooks Team

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

Hi BeckyFowler, 


Thanks for those screenshots - the month entered within the settings will override any custom dates entered for the TB report and the report will automatically run from the first of the month. The first month of the FY can be changed at any point within the settings so it seems most likely a cache-issue which is causing you to be unable to save this. Please follow our guide here to clear the cache for the browser you're using and then fully close/re-open the browser before signing back into QB to change this. 

 

Please get back to us below if you're still having issues following this! 

Level 1

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

I tried the instructions but it is still not letting me change it from January to April still. I followed the instructions on the link and cleared all the cache data, and then did the second step as well of also removing all of the cookies labelled as Intuit. I then closed the web browser and loaded it back up but it still isn't letting me change the date and is doing the same thing as before of saying that my changed settings have been saved but when I go back onto settings it still says January.

QuickBooks Team

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

Thanks for trying that BeckyFowler, do you have any other browsers available on your device which you can try this in?  🧐

Level 1

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

I tried the internet explorer Quickbooks and that didn't work either. I usually use Google Chrome but since clearing all the data on Google Chrome didn't work it must be something else causing the settings to refuse to be changed. I thought perhaps because Quickbooks automatically finalised the year-end at December 2019 so it won't be changed now and won't accept that the year-end is actually March 2020. There must be something I can do? I don't even care if the financial year-end is wrong, but if it won't even let me get a Trial Balance for the dates I desire up then it is useless.

QuickBooks Team

Quickbooks Trial Balance is wrong because it finalised the year end at the wrong month

Thanks for that information beckyfowler and for trying those steps as well. Can we ask what type of user are you on the account? to find out if you go to the main cogwheel>manage users> it will tell you in there. 

 

Also, could you try on a different device see if the same thing happens in there and let us know how you get on. 

View solution in original post