Business Advantage Cash Rewards. Opening equity

Hi there, cj12.

Let’s figure things out together and ensure your Balance Sheet report gets corrected.

First off, I want to make sure we’re on the same page so I can give you the accurate resolution. Did you enter two initial balances (the manually entered and downloaded as Transfer) in the Opening Balance Equity account?

If so, it’s possible that the discrepancy on the Balance Sheet is due to the duplicate amounts recorded in the program. Since it was downloaded automatically from your bank, you can delete the other one instead.

Here’s how to remove:

1. Go to Lists in the top menu bar, select Chart of Accounts.
2. Double-click to open the register.
3. Locate the manually entered opening balance deposit and open it.
4. In the Make Deposit screen, then on your keyboard press Ctrl + D.
5. Click Ok.

Once done, re-open the Balance Sheet report to verify if it’s now showing the accurate data.

I’ve also added articles for more details about resolving an out of balance Balance Sheet report:

• Resolve a Balance Sheet out of balance in accrual basis
• Resolve a Balance Sheet out of balance in Cash basis

You should now be able to get back up and running again. Don’t hesitate to let me know if you have other questions. I’ll be around.

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@cj12 wrote:

 I had an initial balance which I placed it under my opening balance equity. Also, the initial balance was downloaded as a transfer into QuickBooks. Now my balance sheet is off.

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Cash back rewards are not an accounting entry in your books.  Not until you use them for something, at that time you show the cash value of the reward as other income, and use to to either buy something or pay down the CC balance.