How to handle minor accountant errors so our QkBk accounts matches theirs

KCCNor · ‎January 19, 2021

Our accountant's annual report (in a small non-profit) changed the total of our assets by $1 from one year to the next. I know this doesn't matter in the big picture, but I would like to have our QkBks records match the accountants annual report. The error is in reporting the total so I can't correct any single entry without introducing an error there. I don't know how to be consistent with the accountant's report going forward without a "fake entry" in Quickbooks. Thanks for any advice.

KS2626 · ‎January 20, 2021

If I understand your question right, you need to make a change in QB so that QB matches the annual report.

I'll assume 2020 is the year you are wanting to change. I would create this journal entry that does not affect your income and expenses. I also included a sample description you can add.

12/31/20

Debit Asset 1.00

Credit an Owners Equity Account (like Owners Draw, for example) 1.00

Entry to balance books to annual reports after asset was increased on report by 1.00.

View solution in original post

KS2626 · ‎January 20, 2021

If I understand your question right, you need to make a change in QB so that QB matches the annual report.

I'll assume 2020 is the year you are wanting to change. I would create this journal entry that does not affect your income and expenses. I also included a sample description you can add.

12/31/20

Debit Asset 1.00

Credit an Owners Equity Account (like Owners Draw, for example) 1.00

Entry to balance books to annual reports after asset was increased on report by 1.00.

KCCNor · ‎January 21, 2021

Thank you so much!

Seems obvious, once you mention it.

KS2626 · ‎January 21, 2021

You're welcome! Glad that helped:)

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How to handle minor accountant errors so our QkBk accounts matches theirs