Cleaning up my 5013c club books. Create an invoice for dues, Receive payment, Record deposits. Three years of dues $75,960.00 show up on our balance sheet "Other Current Assets" as undeposited funds. If paid and deposited why? Was the item created incorrectly from the very beginning? Created as TYPE: Other charge.
My books go back to June 30, 2016. Another error is during the first 8 months Accounts Payable shows up -$20,185.46 on the balance sheet generated by 36 entries in the first 8 months. We have never not paid a bill. Used the proper procedure Enter Bills - Pay bills. Shows up on the check register with a check number & the notion BILLPMT while others show up as CHK. Any ideas? The transactions happened so long ago I could delete the "Enter Bill - Pay Bills" and just record the check, but would prefer to keep all info. Thanks.
You'll want to make sure that total assets match your total liabilities to show the correct amount in your balance sheet. You can run the report on an accrual basis to verify if all transactions are entered correctly. Let me guide you on how.
From the Reports menu, select Company & Financial and then Balance Sheet Summary.
Select Customize Report.
On the Display tab, choose Accrual under Report Basis.
Then, find the date when your balance sheet went out of balance. For more detailed steps and information, please go to this article: Fix a Balance Sheet That's Out of Balance.