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Elicris
Level 1

Balance of Chart of Accounts no match with the balance sheet

Hello, good afternoon, can you please help me verify why the balance of an account in the Chart of Account does not coincide with the balance that is reflected in the Balance Sheet

6 Comments 6
Kevin_C
QuickBooks Team

Balance of Chart of Accounts no match with the balance sheet

I appreciate you for laying out the details of your concern, @Elicris. I'll share some insight to help you verify why the Chart of Accounts (COA) balance does not match with the Balance Sheet report.

 

The first thing we need to consider is the reporting period of the Balance Sheet report, which must be within the same range as your COA.

 

Then, we have to make sure that we select the correct accounting method (Cash or Accrual) for the report.

 

If the issue persists, can you please provide us with some screenshots of the mismatched Balance Sheet report balance and the COA balance?

 

In addition, you'll want to personalize the format for your reports. Feel free to customize it on QuickBooks Online (QBO). This article will give you details on how: Customize reports in QuickBooks Online.

 

Fill me in if you have more queries about managing your reports in QBO. I'd be glad to assist you further. Take care and have a great day!

Elicris
Level 1

Balance of Chart of Accounts no match with the balance sheet

Hi Kevin, thank you so much for the answer but the reporting period of the Balance Sheet report, is the same range of my  COA and the accounting method for the report does not alter the balance of account that i consulting

 

Attach the image for help me  with this 

 

Have a great day

 

thanks 

 

Tori B
QuickBooks Team

Balance of Chart of Accounts no match with the balance sheet

Good morning, @Elicris

 

Thank you for taking the time to follow up with us. 

 

It sounds like you might have tried to attach an image so we can take a better look. However, I'm not seeing your image. If you don't mind, could you try sharing that screenshot again? You can follow my steps below to send an attachment. 

 

  1. Tap on the Reply button. 
  2. Click on the Choose file button at the bottom of the reply box. 
  3. Choose your image, then tap Open

 

 

I appreciate your patience and look forward to your reply. By seeing a screenshot, I can take a better look into your issue and work together to get it resolved. 

 

Chat with you soon. Take care! 

 

 

Rainflurry
Level 12

Balance of Chart of Accounts no match with the balance sheet

@Elicris 

 

The only date that matters on your balance sheet report is the last date of the date range.  That is the day the balance sheet is applicable to.  Double-check that the balance in your COA and BS are using the same date.

 

Also, check to see if you're running the report on cash or accrual accounting method (to the right and below the date range).  That will impact the balances on the balance sheet vs COA.  

DynoH2O
Level 2

Balance of Chart of Accounts no match with the balance sheet

 

I am looking to fix this same issue, my balance sheet is cash basis and todays date, the chart of account does not give you a date or cash basis option, but I am sure it is in real time.  I attached a picture of the Chart of account balance and the Balance Sheet shows zero.  I am trying to make these accounts inactive, but it says it is being used in a product or service.  I can't find where it is being used, so I can make it inactive.  Any tips on that?

 

SarahannC
Moderator

Balance of Chart of Accounts no match with the balance sheet

I appreciate you for joining here, DynoH2O. Helping you out is my top priority.

You're right about being able to sort the Balance Sheet report can be adjusted to a cash basis and filtered according to your specified date. While the Chart of Accounts (COA) only offers the option to modify the date and doesn't provide the capability to change the accounting method (Accrual/Cash).

 

Moving forward, the message you received is to prevent accidental deactivation of accounts that are actively tied to items. To resolve this situation, you can run a quickreport to review the items used in the transactions you made. Here are the steps you can take:

 

  1. Go to the Accounting menu.
  2. Within the Chart of Accounts tab, search the account name you want to deactivate.
  3. Pick the drop-down arrow next to View register.
  4. Select Run report. Sample screenshot:
    runr.PNG
  5. Customize the report according to your needs.
  6. Click the transaction to review what item is associated with it.

 

Once you confirm which items they are, you can then follow the instructions below to update the income account associated with these items. Here's how:

 

  1. Go to the Sales menu.
  2. In the Product and services tab, find the item.
  3. Select Edit under the Action column.
  4. Update/change the account under the Income account field. Make sure not to use the account you'll want to deactivate.
  5. Hit Save and close to reflect the changes.

 

Once you've completed the task, you can make the account inactive. Feel free to visit this article for more details: Make an account inactive on your chart of accounts

 

I want to make sure you efficiently handle your financial records and feel assured using our platform. Please feel free to post again if you have more questions or need assistance. I'll be around to help!

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