Non-Profit reports

Treasurer888 · ‎June 28, 2020

I am a treasurer for a non-profit. One of our board members takes the total assets from the balance sheet of the previous meeting, subtracts the expenses and adds the income from the next period and wants to know why it doesn't equal the balance sheet at the next meeting. I know without a doubt that there's no funny business going on but those numbers never add up the way they should and I can never figure out exactly where or why. I know that there are entries that flip / flop over the meeting date that cause it but I haven't been able to figure it out exactly to explain it to them.

1) Is that something that is expected from one set of reports to the next?

2) If not please give me a good way to explain it.

Thanks!

Rasa-LilaM · ‎June 28, 2020

Hello there, Treasurer888.

Welcome to the Community. I can help clarify why the data doesn't match on the Balance Sheet Report.

The way transactions are recorded affects how the data is displayed in the report. Aside from that, the accounting method used will also show different information.

The Cash and Accrual Basis accounting in QuickBooks Online are methods of reporting income and expenses. A Cash Basis Report only shows income when cash is received and expenses once they’re paid.

Meanwhile, the Accrual Basis shows income regardless of when the money is received or paid.

The following guides provide an overview of the accounting basis in QBO as well as for instructions on how to compare the Balance Sheet to other reports.

Reach out to me if you need further assistance while working in QBO. Please know I'm always here to help and make sure this is taken care of. Enjoy the rest of the week.

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