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My Net Worth Report shows a large Liability for Checks Payable but all my checks are cleared and rec

shamie155

My Net Worth Report shows a large Liability for Checks Payable but all my checks are cleared and reconciled. What is it using to calculate this amount?

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NotACPA

What do you mean by "Checks Payable"? Usually, the checks are recorded directly into your checking account ... and when you download from your bank they get a "c" in the CLR column for that check and an "R" when you Reconcile the account.

What's your process that's resulting in this Liability?

shamie155

Like I said all of my checks I've written/recorded in Quicken are totally reconciled. When I run my Net Worth report, right under LIABILITIES there is Checks Payable with an amount ~13K. I've narrowed it down to 2 checking accounts but I can't figure out how to "remove" those Checks Payable to make my report correct.

Tom Young

Quicken's Net Worth report, as far as I know, doesn't "make up" line items and numbers except, maybe, for the Net Worth number itself. It lists out balances in all your Accounts, assets and liabilities, with the Net Worth being the result. So I'd say - since I can't see the report - that you have an Account called Checks Payable, an Account with a balance of ~$13K. If it is an Account then looking at the register should spell out how that dollar figure was determined. What is it that you're looking at to determine that you've "narrowed it down to 2 checking accounts?"

shamie155

When I remove those 2 accounts from the report the Checks Payable goes to zero and disappears.

shamie155

It does add the checks payable back in as an asset at the top of the report - so I guess the report is correct. I just want to know what it's referring to so I can fix whatever entries.

shamie155

I found what it's doing - I don't know why but I do know what. Whenever there's a "Print" in the number column and it's a debit not a deposit it's classifying those entries as Checks Payable. I'm not an accountant so maybe there's an accounting reason - don't really care now as I can fix all those entries.

Boatnmaniac

I believe that the "Print" command means that Quicken is waiting for you to print out checks for those transactions. Since the checks have not been printed and check numbers entered, Quicken assumes they are still pending payments.

In your case, I suggest you delete "Print" or manually change it to "Debit" or change it to one of the other selections in the drop-down menu or enter control numbers (like check numbers). I think that will resolve the Net Worth report issue.

Tom Young

From what you've posted it sounds to me like Quicken has some "internal, for Quicken's use only" Accounts it creates when there's the Print notation in the Check # column, and somehow these Accounts are being included in the Net Worth report. For years I've had transactions with "Print" in the Check # column and have never seen what you describe, though I've never actually printed a check through Quicken.

If you Customize the Net Worth report and click on the Accounts tab do you see the Checks Payable asset and liability Accounts?
Do you use the check print function in Quicken, and if you do, is this something that you just recently started.

My guess here is that something in the file is messed up and my first approach to the problem - assuming you can't fix things by de-selecting the Checks Payable Accounts in the customization - would be to validate the file.