Reports

I appreciate you laying out the details of your concern, @kponger1. I’ll go over how we can work around getting those financial reports balanced when run in a cash basis.

Beforehand, ensure to create a backup company file since you might have to edit transactions to sort this out. On top of that, rebuild your company file since your Balance Sheet report and Trial Balance are out of balance when run on a cash basis.

Then, locate those transactions that are causing the issue, find the date when this report went out of balance. I'll show you how:

1. From the Reports menu, select Company and Financials and then Balance Sheet Summary.
2. Choose Customize Report.
3. From the Display tab, from the Dates dropdown, select All.
4. Go to the Report Basis section. If your balance sheet is out of balance in accrual only, select Accrual. Otherwise, select Cash.
5. In the Columns section, from the Display columns by dropdown, select Year.
6. Tick OK.
7. Compare your Total Assets to your Total Liabilities and Equity. Find out when your balance sheet goes out of balance.

Once you've already found the year, follow the same steps to narrow down the exact date.

1. Repeat steps 1 through 6 above. This time, from the Display columns by dropdown, select Month.
2. After finding the month, follow steps 1 through 6 again. Then, select Week.
3. Once you find the week, repeat the steps again. Then, select Day.

When you already have the date your report went out of balance, continue to Steps 3-5 in this handy article here: Fix a Balance Sheet that's out of balance.

Moreover, it would be best to consult your accountant to further guide you on this. This process can get tricky, and they know how to handle the next steps to ensure that your books are accurate and to avoid messing up the data.

In addition, I'll be adding this resource for more troubleshooting steps in case your reports are still out of balance: Advanced troubleshooting for Balance Sheet issues.

Also, feel free to check out these future references for more details about deleting and re-entering transactions such as credit memos in QBDT:

• Void or delete transactions in QuickBooks Online
• Create and apply credit memos or delayed credits in QuickBooks Online

Keep me posted if you still have questions or concerns with managing your financial reports in QuickBooks Desktop. I'll be around for you. Keep safe always.

I know where the issue is and have pinpointed it as i have said before. 

the reports were in balance last month before i created the CM.  I have created CMs before with no issue to reporting and have paid them with other invoices.  I believe the issue is the reporting function.  If i run a report using the cash basis it is off.  the issue is in my fee account.  when i run a transaction report for fees in cash the credit memo does not show up, but if i run the same report in accrual basis the credit memo shows up.

that is where the issue is.

Hello there, @kponger1.

I've got some insights about running reports in the Cash and Accrual methods in QuickBooks Desktop (QBDT). I'll also guide you in fixing possible data issues with your company file so you can keep your financial data accurate.

The 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. With this, no matter what your method is, your credit memo should show up when running a transaction report. For more details, please feel free to read this article: Differentiate Cash and Accrual methods.

On the other hand, based on your description, it seems that you have a minor data issue with your company file. With this, I'd recommend utilizing the Rebuild and Verify Data tools. These are built-in tools used to identify integrity issues with your company file and help you automatically fix them. Make sure to create a backup copy of the file before doing so for future use.

Whenever you're ready, here's how:

1. Go to the File menu.
2. Select Utilities, then choose Rebuild Data.
3. On the QuickBooks Information window, select OK. Follow the onscreen steps to save a backup.
4. Let the tool repair your file. It may take some time.
5. When the tool finishes, select OK.
6. Go to the File menu.
7. Select Utilities, then choose Verify Data.
8. Let the tool check your file for data issues.

In case the issue persists, continue performing the recommended solutions in this article starting with Solution 2: Fix data damage on your QuickBooks Desktop company file.

Also, you may want to check out this article as your reference if you wish to see the complete list of available reports and learn more about how QuickBooks generates them: Understand reports.

Let me know if you have other reporting concerns or questions about managing transactions in QBDT. I'm always ready to help. Take care, and have a great day, @kponger1.

this is not a solution.  i was on the phone for over 4hrs yesterday with 2 different people and they were recreating what i did and they were getting the same issue.  Unfortunately they refuse to admit there is a disconnect with the program and told me to call my accountant.  Not sure what they think the accountant can do and when i asked that question they just kept saying the same thing.

There is defiantly an issue with the program!

@kponger1 

I'm sure you thought of this, but is it possible the date that the CM was applied to the invoice is after the BS/TB date?  CMs won't hit the BS & TB until applied to an invoice on cash basis but will hit them as of the CM date on accrual basis.   

I did , but they are all the same date Aug 10th 

that is the day the CM was created and applied to the invoice. 

But even if that was the case, my TB BS should not be off balance

so something isn't working correctly

@kponger1 

My apologies.  I interpreted your original post to mean that both the TB and BS were off when running the reports on cash basis, not that there is a discrepancy between them on cash basis.

no worries thanks for the idea though

Hello there, @kponger1.

We'd like to thank you for sharing the problem in such detail. That way, we could figure out where you were with the issue.

Please know that we'd like to share this with our engineering team for further investigation. Someone may reach out to you soon to get more details and help assist you further.

Please don't hesitate to post again here in the Community if you have other concerns about QuickBooks. We're always ready to help.