Balance sheet is incorrectly showing a balance where the chart of accounts register is $0.00

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@RBStudio wrote:
working on taxes. My balance sheet is showing a different result for an account while my lchart of account iabilities register is $0.00

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@RBStudio 

Are you running the Balance Sheet on a Cash or Accrual basis? Change the Accounting method of the report and see if that makes the difference.

HI thanks for your message on a Saturday!

We run Cash basis. (i'm not the bookkeeper, i'm the manager of the business.)

When i switch the balance sheet to Accrual basis from Cash basis it zero's the account. in question properly..

But... results in  changes to many items , Bank account total, Accounts receivable Net income, retained earnings...

that will certainly send my Tax accountant over the deep end!

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@vpcontroller wrote:

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@RBStudio wrote:
working on taxes. My balance sheet is showing a different result for an account while my lchart of account iabilities register is $0.00

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@RBStudio 

 

Are you running the Balance Sheet on a Cash or Accrual basis? Change the Accounting method of the report and see if that makes the difference.

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I'm joining this thread to share more details about reports, RBStudio.

Aside from what vpcontroller mentioned, we also have to consider the dates. It has a big impact since it filters the data that will reflect on the reports. We can change it from the Report period.

I've added this article if you need to customize reports in QuickBooks Online.

Please comment again and tag my name if you have more questions. Have a great day!

hi, the report is for the year 2019. "Last Year" thats is not the issue.

Transactions coded to the register in Chart of Accounts are in the register. dated 2019 amd the register  is 0.00 at the end of 2019 as planned.

All the line items are not all displaying in the Balance sheet."Last Year".

One line specifically for $13, XXX.XX is completely missing from the "cash basis" but shows up in the Accrual basis" also for the "last year". 

How could the transaction not be showing when we drill for the detail within the balance sheet? 

Thanks for bringing this to our attention, @RBStudio.

I've checked our records and found out that there's an ongoing investigation with the balance sheet report showing an incorrect amount. Our Engineering Team is already notified about this issue. They are now working hard to provide a permanent fix to this.

I recommend giving our Customer Care Team a call to add your account details to the list of affected users. This way, you'll be updated as soon as a fix is implemented. Here's how you can reach out to them:

1. Click the Help icon.
2. Hit Contact us.
3. Enter "Balance sheet is incorrectly showing a balance" with your bank's name in the description, then click Let's talk.
4. Choose Get a callback.

To ensure we address your concern on time, you can check out our support hours.

If there's anything else I can do for you, please let me know. I'll be around to help you. Keep safe.

Thank you for the pep talk about the balance sheet,

Sadly being on another list of known issues is not going to help me complete our firms taxes this weekend.

If a Finance software can't output a correct balance sheet, how van I trust any report.

I need a solution or worjaround that I can stand behind that will hold up to an audit by the IRS 

Hi RBStudio,

I'd like to share what I'm getting from this scenario.

As I understand this, the transaction where that missing liability came from is still unpaid, or its paid this year (not in 2019.) In an Accrual basis, a liability reflects on the Balance Sheet regardless of the date, and whether it's paid or not. In a Cash basis, on the other hand, it will only reflect in the Balance Sheet once it is paid.

Could you please open the transaction in concern ($13, XXX.XX) to see if it's still unpaid, or already paid, but in 2020?

Please let me know what you'll find out. We're just right here to help you further.