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Trial balance error for non 12/31 fiscal years

Hi,

 

For QuickBooks Online users:

If your company has a fiscal year-end other than 12/31, have you had issues running trial balances for the correct period? My company’s fiscal year end is 6/30. When I run a trial balance from 1/1 to 12/31, the report generated shows a date range of 1/1 to 12/31, but the actual income/expense data within the report is only for 7/1 to 12/31.

 

I have contacted QuickBooks numerous times about this, with the first occurrence in November 2018, but they were still unable to resolve this issue. The same issue also occurs when you try to run a trial balance for a fiscal quarter or other period. For example, when I run 10/1 to 12/31, the report says 10/1 to 12/31, but the actual income/expense values are still 7/1 to 12/31. It seems that the beginning of period button has a bug that prevents it from selecting any other date than the beginning of the fiscal year.

 

This is quite misleading and can lead to serious errors in financial reporting. If you had tax or regulatory filings that you needed to complete that were based on a calendar year, and you generated the trial balance report within QuickBooks for the basis of that filing, the information you have filed may be incorrect.

 

While I don’t mean to publicly shame QuickBooks, I thought it was important for others to see if this issue is affecting their non-12/31 fiscal year accounts and so that they can at least be aware of this issue in case they need to amend any of their financial reporting packages.

2 Comments
Anonymous
Not applicable

Re: Trial balance error for non 12/31 fiscal years

Many QB reports will produce odd looking results if you included P&L accounts with a date range that crosses a fiscal year-end.  The P&L group of financial reports have been programmed to behave properly - but 'accounting' reports may not. There is no error in data consistency - everything is still ok below the waterline - it just how it reports. You may have work around by combining 2 reports on each side of the yearend if yuu cant get QB to do it.. Not saying this is right - just how it is.

Level 1

Re: Trial balance error for non 12/31 fiscal years

Hi MikeinBC,

 

1) Shouldn't QB fix an issue with "odd results crossing a fiscal year"? In addition, it is not only if it crosses a fiscal year. Running for a fiscal quarter 10/1 to 12/31 still causes yields the same error.

 

2) Can you explain what you mean by "P&L group of financial reports have been programmed to behave properly - but 'accounting' reports may not."? I would presume that the internal controls within QuickBooks should be sufficient to assure that all reports behave properly for their customers.

 

3) I understand you CAN do a workaround, but the issue is that if you input a set range of dates (i.e. 1/1 to 12/31) and it generates a report for you, a normal person will not know that the TB report generated is not generated for the time period they selected. QB should give you an error message saying that the time period cannot be covered, or notify the user in another way. Allowing it to display the time range selected, yet have the data actually show a different date range than the parameters entered is misleading.

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