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Why is the Register balance of an Account different from the balance in the Net Worth report

I was doing some month end reporting and prepared a Net Worth balance report for May 31. However, the balance in one banking account was exactly $200 higher than the balance in the register which i know is the current balance having verified it with my bank's on-line transaction report. In other words, the report was showing a balance at variance with the Register.There was no issue at the previous month-end April 30

Answers

  • NotACPANotACPA SuperUser ✭✭✭✭✭
    Was there a $200 transaction that hasn't cleared your bank yet ... but that you've posted in Q?  Or a future-dated transaciton?
    And, in a banking account (in  Q) there are multiple balances shown at the bottom of the account ... which one are you comparing to?

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Robin SchokmanRobin Schokman Member ✭✭
    Hi NotACPA Thanks for prompt reply and suggestions
    I was hoping to show you a couple of screen dumps, one showing the Register balance and the other showing the balance in the NetWorth Report but the system does not allow a screen dump to be inserted..
    With reference to you questions, there are no uncleared transactions nor future dated transactions.
    I'm not sure what you mean about multiple balances - I was matching the month end balance of one particular bank account in the Register with the same balance for that bank in the Net Worth report where there is a $200 difference

    Robin Schokman
  • Robin SchokmanRobin Schokman Member ✭✭
    Just an update. I went back and matched Register balances with Net Worth report balances for selected dates starting May 1 (April 30 balance was OK) and found out when the discrepancy started. On May 17 I made a payment of $200, the Register balance reduced by $200 but the Net Worth report balance for the same date did not reduce by the $200 and that discrepancy remained through to May 31. The $200 payment is correctly showing in the right expense category in the Income/Expense report for May so has been correctly recorded in another part of the system.
  • SherlockSherlock SuperUser ✭✭✭✭✭
    Have you confirmed the transaction is not supposed to be filtered from the Net Worth report?   For example, the category used in the transaction is checked: open the report, press Alt + C, and select the Categories tab
    Quicken user since 1997
    Premier on Windows 10
  • Robin SchokmanRobin Schokman Member ✭✭
    Hi Sherlock Thanks for suggestion. I did check the categories included n the Net Worth report and Select All was ticked which included the Expense category to which the $200 was charged. There is some glitch in the system which stopped the expenditure being reported in the Net Worth balance but not in the Income/Expense report. I am uncertain why that particular transaction has the problem although I must point out that the Expense category used for the problem deduction is a newly added one and the May charge was the first time it was used
  • Robin SchokmanRobin Schokman Member ✭✭
    I have continued trying to solve the problem and decided to try something. I changed the Expense category to one that has been around for a while and the problem went away and the Net Worth report fell into line. While the original category is new, it is certainly listed as a category in the Net Worth report so I'm puzzled why it affected the balance especially as it reported correctly in the Income/Expense report
  • SherlockSherlock SuperUser ✭✭✭✭✭
    I have continued trying to solve the problem and decided to try something. I changed the Expense category to one that has been around for a while and the problem went away and the Net Worth report fell into line. While the original category is new, it is certainly listed as a category in the Net Worth report so I'm puzzled why it affected the balance especially as it reported correctly in the Income/Expense report
    I suggest you try the Copy your file and Validate as described within: https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows
    Quicken user since 1997
    Premier on Windows 10
  • Robin SchokmanRobin Schokman Member ✭✭
    I have copied the file and validated it and no errors were reported. There is an apparent glitch in the app whereby a new category newly created and applied for the first time is causing a Net Worth balance error. Why else would I get a correct report if I change the category to another which has been around a while.?
  • SherlockSherlock SuperUser ✭✭✭✭✭
    I have copied the file and validated it and no errors were reported. There is an apparent glitch in the app whereby a new category newly created and applied for the first time is causing a Net Worth balance error. Why else would I get a correct report if I change the category to another which has been around a while.?
    If the Copy your file and Validate procedure does not correct the issue, I suggest you try creating a new category and deleting the broken category.
    Quicken user since 1997
    Premier on Windows 10
  • Robin SchokmanRobin Schokman Member ✭✭
    Thanks Sherlock, issue resolved. I created a new category with a name slightly different from the problem one and booked the transaction to this new category.. I then deleted the old category..The Net Worth balance is now correct. What was frustrating was that Income and Expense reporting recognised the problem category but not Net Worth reporting. How does that happen?
  • Gary587Gary587 Member ✭✭
    My Net worth report now has totally bogus numbers for a variety of accounts. It's worked fine for years.

    The account balances are still fine on the account list and in the individual registers . But some of my IRAs and bank asset accounts in the Net Worth report and chart now show negative balances in the $100,000 range!

    What changed?
  • Robin SchokmanRobin Schokman Member ✭✭
    Hi Gary I had to do some analysis when my problem arose with month end reporting on May 31 when the Net Worth balance on one account did not match the correct amount in the Register. I went back through periodic entries during May matching the register with the Net Worth report balance until I found the point when the discrepancy first started. It turned out that a newly-created expense category while recognised in Income and Expense reporting was not recognised in Net Worth reports. As recommended by Sherlock I created a new expense category, booked the expenditure to the new category and deleted the problem category - problem gone. Sherlock used the term a broken category although I don't know what that signifies. You may have to do a similar analysis of transactions during the problem month until you find the point in time when the discrepancy arose. You may find a similar "broken" category.
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