I had reconciled my March credit card statement. I noticed that on the balance sheet (year to date) that the only month with a zero balance is the month of March. All other months (Jan and Feb) all have a balance. Is this normal? It it normal to have a zero balance on the balance sheet for our credit card?
When you run a balance sheet report, it is not YTD, it is only one point in time. QBO is confusing (frustratingly so) because when running a balance sheet it asks for a "Report period". There is no such thing as a report period for a balance sheet. A balance sheet can only be run as of one day in time. In QBO, it is the last day of the period you choose, so if you choose YTD, it is showing you your balance sheet as of today. If you choose 1-1-22 to 3-31-22, it is showing your balance sheet as of 3-31-22.
So, to answer your question, it is normal to have a zero cc balance if, in fact, you had a zero cc balance as of the day of the balance sheet.
As Rainflurry had mentioned, it is normal to have a zero balance in your on the balance sheet for our credit card.
By default, QuickBooks will show rows where 0.00's appear on a Balance Sheet. If you have activity within the account that results in non-zero entries for different class columns, then that row will emerge, even where the Total balance column is 0.00.
If you wish to hide the accounts with zero balances on your statement, simply follow the steps below:
Proceed to the Reports menu on the left panel and find the Balance Sheet report.
On the screen, click the Show non-zero or active only drop-down.
Choose Non-zero for rows and columns.
Click Run report.
You may also find these articles relevant in performing future tasks on your reports. It includes steps on how to manage and save your customized statements: