Balance Sheet Account does not balance
Best Answer
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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
~~~***~~~0
Answers
-
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
~~~***~~~0 -
An accountant I "isn't", thank you, that worked.0
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What is the best way to enter an asset such as a vehicle, but is not a loan (paid in full)0
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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~~~***~~~0 -
How do you get around the part where it keeps asking for the loan information, since there is none0
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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~~~***~~~0
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