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Level 1

Property Management Balance sheet by class headache.....

I have a handful of rental properties parsed by Customer and each tenant is a job. I also suffixed my trust bank account for each Customer, eg Chase Trust: 123 Main St., Chase Trust: 456 Broadway, in hopes to create a proper balance sheet for each property. 

 

When I run a balance sheet including ALL customers, my trust bank balance add up, yet when I filter for one customer, the balance is way off. In fact, the balance actually indicates one line item of the bank activity for that period. I'm running out of hair to pull out. Any help? 

4 Comments
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QuickBooks Team

Property Management Balance sheet by class headache.....

Thank you for posting, @ericjLBC

 

That can be due to the class that doesn’t balance because you’ve entered an unbalanced journal entry or the entries that you’ve added are not supported by the report

 

To know more about these transactions and on how to resolve it, check this article: What transactions are not supported by Balance Sheet by Class.

 

Let me know if there's anything that I can help with this report. I'm always here to assist. 

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Level 1

Property Management Balance sheet by class headache.....

I diagnosed the problem to the deposits can't find solution...the Balance sheet detail is in balance if all monies left in Undeposited funds, but the second I make the deposits, using Chase Bank:Customer name, it credits the deposit from undeposited funds but no corresponding debit to bank account shows and throws my balance sheet right out of wack! 

 

The peculiar thing is if I run a General Ledger report after doing the deposits, it indicates all the correct bank account debits and credits.   ??

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Level 1

Property Management Balance sheet by class headache.....

I narrowed the problem down to the deposits. The B/S with no deposits and leaving money is undeposited funds is in balance. However, the second I make any deposits, Undeposited funds is credited, but yet there is no debit to the Bank account for the deposits (See Attached B/S with bank deposits). 

 

The funny thing is, if I run a G/L report for the same date (or whole month for that matter), all the bank entries are shown correctly. 

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QuickBooks Team

Property Management Balance sheet by class headache.....

Let me assist you with running these reports, ericjLBC.

 

First, let's make sure that the date when running the reports is correct. The data in the reports are filtered automatically based on the date you set. This could be the reason why the deposit isn't showing on your balance sheet.

 

In addition, let's check how you deposited it. Open the deposit and make sure that you've selected the correct bank account. This is also one of the reasons why the deposit isn't showing on the bank account.

 

Please keep on posting if you need more help with this. Wishing you all the best!

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