Thank you for coming back to the Community, Citrus54.
Ensuring that your financial reports and accounts are balanced is crucial for maintaining organized books and facilitates a seamless reconciliation. Let's run some troubleshooting steps together to match the figures in your Balance Sheet report with those in your checking account.
Your checking account and Balance Sheet report have distinct functions. The online program utilizes account registers to monitor transactions by their source. It displays the full transaction history and current balance of an account.
On the other hand, the Balance Sheet report is all about the company's assets, liabilities, and equity. If your company's fiscal year varies from the calendar year, there may be discrepancies between the amounts on the report and the register. This is because the statement is generated using the calendar year.
To address your concern, you can perform any of the following troubleshooting:
Option 1: Change the date of the report to match your fiscal year:
- In your company, head to the Reports on the left and type Balance Sheet report in the Search bar.
- Click the Customize menu and select the appropriate Report period.
- Tap the Run report button.
Option 2: Change your fiscal year on the company file:
- In your company, go to the Gear icon ⚙ and choose Account and settings.
- In the Advanced tab, head to the Accounting section and click the edit ✎ icon.
- From the First month of the income tax year drop-down, select January.
- Press the Save and Done button.
Check out this article for more in-depth information: Run a Balance Sheet report in QuickBooks.From there, you'll learn how to deal with discrepancies between the report and your register, as well as fix incorrect balance amounts.
Moreover, utilize these resources if you need information on how to save the current settings in your statements, and steps to review your register. Feel free to open each link to know the steps to carry out each task:
Reach out to me again if you have additional questions about the data in your Balance Sheet report or your checking account. I'm only a few clicks away from help. Have a good one, Citrus54.
