Thanks for bringing this to our attention, lgroski. Allow me to provide information when managing credit card balances on your reports and bank registers.
In QuickBooks Desktop, the amounts or balances showing on your balance sheet depend on the transactions entered into a specific account. This report can be tricky, and it’s a good idea to seek additional guidance from your accounting professional before you continue. You might also have to edit transactions to fix this problem, so I suggest securing a backup copy of your file.
Normally, balances from this report don't match especially if your company's fiscal year is different from the calendar year. If you aren't already, let's consider running the report on an accrual basis. To do this:
- From the Reports menu, select Company & Financial and then Balance Sheet Summary.
- Click Customize Report.
- On the Display tab, choose Accrual under Report Basis.
- Then, select OK.
If your balance sheet is out of balance on an accrual basis, you should rebuild your company file first. If it's out of balance on a cash basis only, or if it's still out of balance after a rebuild, you can refer to Step 2: Find the date when your balance sheet went out of balance outlined in this article: Fix a Balance Sheet that's out of balance.
Once everything comes in handy in the future, you may start reviewing and reconciling your accounts to make sure they always match your bank and credit card statements.
If there's anything else you require additional assistance with, feel free to reply to this post. I'll be on this thread whenever you need further help. Keep safe and have a great day ahead!
