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Balance Sheet Account does not balance

Ran a balance sheet and it shows an account as a "0" balance but if you look at the actual account, it shows as "1,365.00". Not sure why account is not showing up correctly on report.

Best Answer

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    edited April 4 Accepted Answer
    Hello Jack,

    Thank you for taking the time to visit the Community to ask your question although I apologize that you have not received a response. If the report is set to report on a Cash basis, this will exclude the amounts in the accounts receivable. 

    To include these amounts, you will customize the report choose "Advanced" and locate the "Report Basis" section select "Accrual." 


    I have also included more information from our help guide below so you can be sure you are selecting the correct basis for your situation.

     What is cash-basis reporting?

    A method of bookkeeping in which you regard income or expenses as occurring at the time you actually receive a payment or pay a bill. A cash-basis report shows income only if you've received it, and expenses only if you've paid them. For example, if you haven't received a payment for an invoice yet, a cash-basis report on your sales doesn't include the amount of the invoice.

    What is accrual-basis reporting?

    A method of bookkeeping in which you regard income or expenses as occurring at the time you ship a product, render a service or receive a purchase. Under this method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.

    In Quicken, an accrual-basis report shows income regardless of whether all your customers have paid up, and expenses regardless of whether you've paid all your bills.

    The complete help article is available here.

    I hope this helps!

    -Quicken Tyka


    ~~~***~~~

Answers

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    edited April 4 Accepted Answer
    Hello Jack,

    Thank you for taking the time to visit the Community to ask your question although I apologize that you have not received a response. If the report is set to report on a Cash basis, this will exclude the amounts in the accounts receivable. 

    To include these amounts, you will customize the report choose "Advanced" and locate the "Report Basis" section select "Accrual." 


    I have also included more information from our help guide below so you can be sure you are selecting the correct basis for your situation.

     What is cash-basis reporting?

    A method of bookkeeping in which you regard income or expenses as occurring at the time you actually receive a payment or pay a bill. A cash-basis report shows income only if you've received it, and expenses only if you've paid them. For example, if you haven't received a payment for an invoice yet, a cash-basis report on your sales doesn't include the amount of the invoice.

    What is accrual-basis reporting?

    A method of bookkeeping in which you regard income or expenses as occurring at the time you ship a product, render a service or receive a purchase. Under this method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events.

    In Quicken, an accrual-basis report shows income regardless of whether all your customers have paid up, and expenses regardless of whether you've paid all your bills.

    The complete help article is available here.

    I hope this helps!

    -Quicken Tyka


    ~~~***~~~
  • Jack
    Jack Member ✭✭
    An accountant I "isn't", thank you, that worked.
  • Jack
    Jack Member ✭✭
    What is the best way to enter an asset such as a vehicle, but is not a loan (paid in full)
  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Hello Jack,

    I am glad to hear that your report is now fixed. You can add the account as either a "Vehicle" or an "Asset."



    I hope this helps!

    -Quicken Tyka
    ~~~***~~~
  • Jack
    Jack Member ✭✭
    How do you get around the part where it keeps asking for the loan information, since there is none
  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    When I choose to add an asset account I am given an option to choose Yes or No on linking the asset to a loan.



    Which option have you chosen to add and at any point do you see this screen?

    -Quicken Tyka
    ~~~***~~~
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