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acctmgr1
Level 1

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

Good day! I'm using QBO for several entities having different Company IDs. The US accounts have the correct presentation of the Balance Sheet where accounts are arranged based on liquidity. However, one QBO account for a Philippines entity shows a wrong B/S presentation. Accounts Receivable is showing as the first item followed by Cash in Bank. This is despite having the correct Account Type set up in the Chart of Accounts. Cash in Bank is set as "Cash and Cash Equivalents" then Detail Type is Bank while Accounts Receivable is set as "Accounts Receivable" as its Account Type.
6 Comments 6
DivinaMercy_N
Moderator

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

I'm here to help, @acctmgr1.

 

In QuickBooks, the Balance Sheet Report is automatically generated in the Assets, Liabilities, and Equities sections. It is based on the formula by which assets should balance the sum of liability and equity. In the report, the assets and liability are structured based on the most current to less current assets and liabilities. You may want to sort the order of the report by ascending or descending. Here's how:

  1. Go to the Reports menu.
  2. Scroll down to the Business Overview section.
  3. Click Balance Sheet to open the report.
  4. Select the Sort drop-down and choose either Total in ascending order or Total in descending order.

 

For more info, please see this article: Balance Sheet Template: How to Prepare a Balance Sheet?

 

Also, here's a helpful page where you can browse articles that can guide you with your QBO tasks. To get started, head to our QBO Help articles page at this link.

 

If you need further assistance in managing your Balance Sheet report in QuickBooks, please post a reply below. I'm always around to help. Have a good one.

acctmgr1
Level 1

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

Hi Divina.  Really appreciate your help on this.  Unfortunately, that didn't resolve the issue.  Please see the screen shots showing the same arrangement of accounts for different sorting options even after I hit the "Run Report" button.   I've actually raised this concern to customer support who then refer it to their back end team.  Apparently, they just see it as a variation of US and PH versions and just advised me to extract the report in Excel and re-arrange the accounts.  Though possible, it does not resolve the issue at all which is a very basic accounting report.

AileneA
QuickBooks Team

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

Hi there, acctmgr1. 

 

Thank you for reaching us back in the Community. I've checked and there are no screenshots attached. The screenshots will help me give a clearer view of what happened to the report. 

 

As a workaround, you can follow our support team suggestion, export the report to excel, and from there you can re-arrange it to show the data you need. 

 

You can review the articles about balance sheet report in my colleague's post above for more information.  

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.  

 

Don't hesitate to post again or leave a comment on this thread if you have any follow-up questions. Take care and enjoy the rest of the week.

acctmgr1
Level 1

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

Hi Aileen,

 

Please see photos below for the different sorting options.  I've actually refreshed the report but just showed the sorting option for the various screens shots.

 

As regards the work around, yes that's definitely the way we need to do it for printing the report but I hope the resolution of this issue will happen very soon.

 

Many thanks.

 

 

BS - Descending order.PNGBS - Ascending order.PNGBS - Default order.PNG

ML613
Level 1

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

I also have this crazy issue.  Is there a solution other than exporting to Excel.  No offense, but that is not a solution to this.  When working with QBO, the client wants to see their reports at a glance and can't always export to QBO.


QB desktop never had the balance sheet laid out like this.  Why is this defaulting, and please help fix this bad issue.

JaeAnnC
QuickBooks Team

Does anybody know why Accounts Receivable shows first before Cash In Bank in the Balance Sheet though Account Types used are correct?

Hello there, ML613. I can see how this feature could be beneficial for your business. 

 

As of now, the ability to rearrange the accounts in the Balance Sheet according to liquidity is unavailable in QuickBooks Online (QBO). For now, I recommend submitting this valuable input to our software engineers. They might consider your suggestion and include it in our future product updates. To do that:

 

  1. Go to the Gear icon.
  2. Select Feedback under Profile.
  3. Enter a brief description of your feature request, and click Next.

 

Moreover, we can customise reports to filter them to show specific customers or accounts. This way, only the needed information will appear in the reports. 

 

Feel free to return to this thread if you need further assistance running financial reports. We'll make sure to attend to your every concern. Stay safe, and have a great day.