AR Aging Summary balance doesn't match Balance sheet

Hello, gbails2002.

Thanks for turning to the Community for support. I'm happy to provide some info about the A/R Aging Summary report in your QuickBooks Desktop account.

Any payments from your customers will be marked as negative in the A/R (Accounts Receivable) Aging Summary. This is because they are decreasing the amount that is outstanding. Any negative amounts should be posted to an invoice for your customer. Here's how to get this done:

Apply the credit to an invoice you already created

1. Click + New.
2. Select Receive payment or Receive invoice payment.
3. Choose the customer, then the credit and the invoice.
4. Select Save and New or Save and Close.
 

Apply the credit to a new invoice

1. Click + New.
3. Select Invoice and create it. 
4. Choose + New. Then select Receive payment or Receive invoice payment.
5. Select the credit and then Save and New or Save and Close.

Once you've completed the steps, check the A/R Aging Summary report balances once more. Please feel free to drop a comment below if you have any other questions. I'll be here to lend a hand.

The issue is there is no credit to apply, as it was applied before. When you drill into the vendor account the balance is zero. The balance only appears in the aging, even though it was applied in the past. That is why the total AR is different the amount shown on the aging. 

Thanks for getting back to me, gbails2002.

Looking into this a bit further, the mismatched balances could be the result of:

• Different settings in the report/s and on the Chart of Accounts (COA).
• Rebuilt names
• Damaged links or data
• Transactions with no Customer: Job name

To fix the issue you may have to update the report settings, here's how:

1. Run the A/R Aging Detail report:
2. On the Reports menu, choose Customers & Receivables, then click A/R Aging Detail.
3. Set the Dates to All.
4. Select Customize Report, and under the Display tab, click the Advanced button, then Report Date.

The following article provides additional info for when the AR balance on the Chart of Accounts does not match AR balance on reports.

Let me know how things look afterward. I'll be here if you have any other questions. 

Hello Anyone.

When posting true-up Canadian Currency Exchange amounts to the general ledger at the end of the month, the AR and AP Balance under customize reporting does not match the Balance Sheet. It does not appear that the amounts posted to the G/L is flowing through to the sub-ledger. The General ledger postings do not show in the Balance Sheet. 

What can be done about this? I should be able to run a report under CAD Currency that matches the total posted to both AR and AP. 

Accurate transaction information would help you to track your business performance efficiently, CarrieS3. To assist you better, I would like to ask for further details regarding the issue you've encountered in your Balance Sheet report.
 
Can you tell me the process you used to record the foreign currency transactions. Additionally, may I know which specific balance sheet report you accessed and how you customized it on your end? If possible, providing a screenshot would be extremely helpful for us in offering a more accurate solution. 
 

In the meantime, you can check this article to know what to do if your AR/AP balance does not match the balance sheet: Resolve accounts receivable and accounts payable balances on a cash basis balance sheet.

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