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No, this would not be correct accounting most of the time if this statement were true.
The correct formula reminds one of a good beer: A=L+E Assets = Liabilities plus Equity.
Imagine if you have a simple company with $100 in cash int he bank and you owed $50 to a vendor. Your balance sheet is not in balance $100 = $50.
In this simple case, EQuity must be $50 as well. $100 = $50 + 50
If you pay off the vendor with your cash, the balance sheet stays in balance $50 = 0 + $50
I have one 'other current asset', but it doesn't appear on my balance sheet
what is this "other asset"?
IS this a question about software or about accounting in general?
it's about the software
What software are you working with?
The balance sheet must always be in balance. Are you running a Cash Basis report or Accrual? (it prints in the top left of the balance sheet repport)
and it's not in balance
Can you run a Cash basis report and see if it is in balance or not?
Also, make sure you don't have any "hidden" accounts, such as this "other asset" that is not showing up on the report because the report has been modified to HIDE a specific account!
if i change the account to "other asset" and refresh the report, then all the other "other asset' accounts disappear from the balance sheet!
You could have a hidden account.
Or a blocked account from the report
where do I see that?
You may need to look at the Chart of Accounts (Ctrl-A) and edit these accounts, or you might need to look at the Modify Report options. I would look at the COA first.
already tried to edit the account, but there's not a lot of options
can't seem to hide or 'unhide' them
WHen you are in the Chart of account, highlight the account in question
At the bottom of the sub-window is an Account button. Pull down and see if there is "Make Account Active" option
only "make account inactive"
If it says "Make Account INACTIVE", then it already is active
Run the balance sheet report. Click CUSTOMIZE Report button
Check the FILTERS tab. Make sure you are showing ALL accounts
If this doesn't work, you may have a data error.
First: Try to run the balance sheet in Cash mode and see if you are in balance or not.
Second: Try to narrow the date range to find the date where the balance sheet goes haywire. This should narrow the potential transactions.
no filters, and cash mode did not work either
how can a data error occur? It's been working fine for years
or is it the update?
can you explain the fact that when i change the account to "other asset", al the other "other asset" accounts disappear and just the one stays on the balance sheet
it's a mystery to me
I can't without doing a diagnosis where I can see all that is going on. As such, I am going to opt out and perhaps another expert can assist.
ok thank you
Hi , I can wait for an answer, no problem.
Just stepped out for dinner
Hi, I'm using QB pro for years, upgraded to the 2013 version, so far with no problems.
I wanted to get some reports (balance sheets and profit & Loss) and noticed for the first time that the balance sheet was not in balance.
Apparantly my "other current asset" accounts did not appear in my balance sheet.
These accounts are active
go to file / file utilities / verify and rebuild.
there might have been some lost links during the conversion and that will rebuild the file. It is either that or something about the way you are selecting the report or the type of report or which accounts are selected in the customize section under the accounts tab.
Ok, have done that , when I open balance sheet summary , the report is in balance, when I open the balance sheet standard, it's not for the same tome period .
How can that be?
Same reports (same timeperiod)
they are 2 separate reports(windows) but covering the same period, so the total assets and liabilities should be the same in both reports, right?
total liability is the same, but total asset is not
The amount that is missing is exactly the amount of the "other current assets"
On the report window , at the top, I can choose: options , filters, format , header-footer.
I have looked at the possibilities in options and filters, but cannot change the accounts shown in the reports
Where do I do that?
(Btw in my former reply, the komma was missing : "Ok, have done that , when I open balance sheet summary , the report is in balance, when I open the balance sheet standard, it's not ,,,,for the same time period
That's why there was a misunderstanding, sorry about that).
unfortunately cant' fix it. There are no filters in place
Maybe there s a bug in the QB 2013 update?
I haven't got it in front of me so I think I am going to opt out here. have you tried hitting customize or editing the form for the report ?
If you have somebody with QB pro 2013 experience that would be great. If not then I'll try to contact QB , again.
Hi, Return of the deposit would be just fine.