Petty Cash Balances

Hi there, Stuck-in-how.

Thank you for contacting us regarding the issue with matching your balance in Petty Cash on the Chart of Accounts and the balance in the Petty Cash register. I understand that it can be a frustrating challenge to reconcile these values, and I'm here to help you resolve this matter. Based on your information, the balance shown in your Chart of Accounts for Petty Cash is $258.69, while the balance displayed when you click on the account is $91.31.  

Maintaining an accurate balance in Petty Cash is crucial for effective financial management. In most cases, the balance in the Petty Cash register should match the balance recorded in the Chart of Accounts. Any discrepancies between the two can cause problems with financial reporting and budgeting, leading to inaccurate financial statements and forecasts. 

It's possible that common causes of discrepancies could be related to issues with your company file.

To resolve this, let's troubleshoot to determine if it's data issues within a company file and self-resolve them using Rebuild Data. To run Verify Data: 

1. Click the File tab at the top menu bar.
2. Hover your cursor to Utilities.
3. Select Verify Data.

Next, please run the Rebuild Data option through these steps:

1. Click the File tab at the top menu bar.
2. Hover your cursor to Utilities.
3. Select Verify Rebuild.

Furthermore, for more details about the issues within your company, see the possible fixes in this article: Fix data damage on your QuickBooks Desktop company file. 

After completing the steps mentioned above, it is advisable to cross-check your Petty Cash balance on the Chart of Accounts and the Petty Cash register to ensure that they are equal. This will help you verify that the issue has been resolved successfully.

In case you want to settle your accounts in QuickBooks, feel free to check this article for the details: Reconcile an account in QuickBooks Desktop. 

Please let me know if you have any questions or concerns, and I'll be happy to help you further. Have a great day!

Every account's ending balance on your chart of accounts should be the same ending balance you see in the register - which will open when you double-click the account on the chart of accounts.

If they are not the same, then the calculated/cached balance on the account is incorrect. If you Verify your company file (File | Utilities | Verify Data from the QuickBooks menu) QuickBooks will usually flag this as corruption. If so for your case then the Rebuild feature will fix it (File | Utilities | Rebuild Data).

@AileneA  RE: The discrepancy may be due to journal entries or transactions that have affected the Petty Cash account.

I've never heard of such a thing. I think someone made that up out of thin air.

The account balance on the chart of accounts should always match the account balance at the end of the account's register. If they don't match, the either account balance on the chart of accounts is usually wrong/corrupted. That, in turn, can happen if QuickBooks crashes while saving transactions, when it updates the transaction but then doesn't update the account balance before it crashes. It happens all the time in my clients' files. Rebuild fixes it almost every time.

Thank you for coming to my rescue but still a problem.

I did as you instructed and the result came back: 

Not sure. Are you sure you're looking at the ending balance of the register?  What happens if you Rebuild the file even though Verify doesn't find issues?

I didn't rebuild because the result was; it all matched.  So I guess I'll rebuild and see what happens..

After the first step the response was "no issues found" but I ran the second step anyway and my account and the chart of accounts both have the same amount HIp Hip Horray!

thank you to all that suggested this fix,