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Janet32
Level 1

Balance She

I recently took over Quick books from previous Treasurer. When I ran my 1st Balance Sheet under Current Assets,  Accounts Receivable   -131.00 balance.

But, when I run Customer Balance Detail for that member it shows $0 balance.

 

The only irregularity I can find is on Custom Transaction Detail Report showing:

1st Line Payment, Account: Undeposited Funds, split Accounts Rec .+131.00

2nd line: Payment Accounts Receivable, Undeposited Funds  -131.00

3rd line: Undeposited Funds, name of bank  -131.00

Does this reveal anything?  

6 Comments 6
Mark_R
QuickBooks Team

Balance She

Your confusion ends here, @Janet32.

 

Allow me to fill you in on everything about the reports you have pulled up and help you from there.

 

The Balance Sheet report will show all the transactions under that account (Accounts Receivable). While the Customer Balance Detail report will show the available balance for a specific customer. Thus the balance from each report may differ because there are some invoices we're not paid yet.

 

You can double-click the total amount for Accounts Receivable to get the breakdown of the account transactions. This way, it'll open the Transactions by Account report and review the transactions.1.PNG

You might want to check out this article to understand more about the reports in QuickBooks Desktop: Understand reports.

 

Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. Have a great day.

Mark_R
QuickBooks Team

Balance She

I'm back to ensure everything is clear, @Janet32.

 

Did the information I shared above answered and resolved your issue regarding your Balance Sheet report? If you need more clarification on this, just leave a comment below. I'll be sure to get back to you.

 

Have a good day!

Janet32
Level 1

Balance She

No help but I think I have found what happened but I don't know how to fix it.

The CUSTOM TRANSACTION DETAIL REPORT shows:

Undeposited Funds - Accounts Receivable +131.00

Accounts Receivable - Undeposited Funds (-) 131.00

Undeposited Funds - to bank (-)131.00

 

But there are no Stmt Charges to offset this.

 

But when I open Statement, it shows charges of +131.00 and  PMT (-)131.00.  

It is like the Stmt Charges didn't carry over to TRANSACTION DETAIL REPORT.

 

 

Jessica_young
Moderator

Balance She

Thanks for taking the time to update me, @Janet32.

 

It could very well be that the payment date is listed before the invoice date. This would cause it to not show correctly in reports, because it thinks it is a credit rather than a payment. It would draw the A/R account into the negative as well.

 

The payment date should be on or after the invoice date. Currently, your invoice is listed on 12/21/20 and the payment on 12/18/20.   Change the date of the payment to be on or after the invoice date, and it should straighten out. You may need to check the deposit date to make sure it is on or after the payment date as well.

 

I'd love to hear how this goes! Please let me know if I can help with anything else. I'm happy to help!

 

Janet32
Level 1

Balance She

Everything balances out except Custom Transaction Detail Report; it has no STMT CHARGES on the report to offset the deposit.

 

Custom Transaction Detail Report:

8/28/18 Undeposited Funds / Accounts receivable +131.00

8/28/18 Accounts Receivable / Undeposited Funds -131.00

8/28/18 Undeposited Funds / GBBT (bank)  -131.00

It seems to be missing Stmt Charges for 131.00 but his Statement shows charges of 131.00 and pmt of -131.00. 

BettyJaneB
QuickBooks Team

Balance She

Thanks for keeping me updated about this missing statement charge concern, @Janet32.

 

I'd like to share additional troubleshooting steps to narrow down this issue.

 

Once you've verified that the date of the report and transactions are correct, then the problem continues, I suggest verifying and rebuilding your data. This can help fix data-related issues on your company file, like the missing charges.
 

To do that:

  1. Go to the File menu, then hover over Utilities.
  2. Select on Rebuild Data
  3. On the QuickBooks Information window, select OK. Follow the onscreen steps to save a backup.
  4. Let the tool repair your file. It may take some time. QuickBooks may seem stuck, but as long as you can move your mouse, the tool is working.
  5. When the tool finishes, select OK.

After that, let's now verify the data:

  1. Go to the File menu.
  2. Then hover over Utilities and select Verify Data
  3. Let the tool check your file for data issues.

For complete details in performing this procedure, please see the link attached. It also provides insights about the errors that can be resolved using this process: Verify and Rebuild Data in QuickBooks Desktop.

 

After that, you may run the Custom Transaction Detail Report again.

 

Please give these steps a shot and let me know how it goes. I'll be around to assist you if you need anything else. Keep safe!

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