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RA-112

Customer Question

Hi , should the amount of the assets and liabilities in the balance sheet always be the same?
Submitted: 1 year ago.
Category: Financial Software
Expert:  R. Klein, EA replied 1 year ago.

fastfile :

No, this would not be correct accounting most of the time if this statement were true.

fastfile :

The correct formula reminds one of a good beer: A=L+E Assets = Liabilities plus Equity.

fastfile :

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.

fastfile :

In this simple case, EQuity must be $50 as well. $100 = $50 + 50

fastfile :

If you pay off the vendor with your cash, the balance sheet stays in balance $50 = 0 + $50

Customer :

I have one 'other current asset', but it doesn't appear on my balance sheet

fastfile :

what is this "other asset"?

fastfile :

IS this a question about software or about accounting in general?

Customer :

it's about the software

fastfile :

What software are you working with?

Customer :

QB pro

Customer :

2013

fastfile :

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)

Customer :

accrual

Customer :

and it's not in balance

fastfile :

Can you run a Cash basis report and see if it is in balance or not?

fastfile :

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!

Customer :

if i change the account to "other asset" and refresh the report, then all the other "other asset' accounts disappear from the balance sheet!

fastfile :

You could have a hidden account.

fastfile :

Or a blocked account from the report

Customer :

ok

Customer :

where do I see that?

fastfile :

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.

Customer :

already tried to edit the account, but there's not a lot of options

Customer :

can't seem to hide or 'unhide' them

fastfile :

WHen you are in the Chart of account, highlight the account in question

Customer :

yes

fastfile :

At the bottom of the sub-window is an Account button. Pull down and see if there is "Make Account Active" option

Customer :

only "make account inactive"

fastfile :

If it says "Make Account INACTIVE", then it already is active

fastfile :

Run the balance sheet report. Click CUSTOMIZE Report button

fastfile :

Check the FILTERS tab. Make sure you are showing ALL accounts

fastfile :

If this doesn't work, you may have a data error.

fastfile :

First: Try to run the balance sheet in Cash mode and see if you are in balance or not.

fastfile :

Second: Try to narrow the date range to find the date where the balance sheet goes haywire. This should narrow the potential transactions.

Customer :

no filters, and cash mode did not work either

Customer :

how can a data error occur? It's been working fine for years

Customer :

or is it the update?

Customer :

on Mac?

Customer :

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

Customer :

it's a mystery to me

fastfile :

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.

Customer :

ok thank you

Expert:  Lindie-mod replied 1 year ago.
Hi, I’m a moderator for this topic. It seems the Professional has left this conversation. This happens occasionally, and it's usually because the Professional thinks that someone else might be a better match for your question. I've been working hard to find a new Professional to assist you right away with your Financial Software issue, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!

Lindie
Customer: replied 1 year ago.

Hi , I can wait for an answer, no problem.


Just stepped out for dinner


 


 

Expert:  Lindie-mod replied 1 year ago.
Hi

Thank you for your continued patience. We will continue the search for a Professional for you.

Lindie
Expert:  Robert M. replied 1 year ago.
where are you exactly with this ?

what program are you using and what exactly are you trying to do?
what steps are you taking to do it ?
what exactly is happening instead of what you want to happen?


sorry if you have gone over a bunch of stuff with the last expert but i find it is helpful to narrow the exact problem down and get an exact answer sometimes.
Customer: replied 1 year ago.

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


 

Expert:  Robert M. replied 1 year ago.

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.

Customer: replied 1 year ago.

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?


 

Expert:  Robert M. replied 1 year ago.
On the same report or are they different reports ? If they are different reports than check the customization for what what time period they cover.
Customer: replied 1 year ago.

Same reports (same timeperiod)


 

Expert:  Robert M. replied 1 year ago.
Is it the same report where you just click "show details" or are they 2 seperate reports.
Customer: replied 1 year ago.

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"


 

Expert:  Robert M. replied 1 year ago.
ok you are the one that said they covered 2 different time periods.

I think you need to look at the customize section of both reports
look under the accounts tab
make sure that the account in question is checked on both reports

also look under the category tab. If the transactions in that account are of a particular category that category may be excluded in one of them
Customer: replied 1 year ago.

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).

Expert:  Robert M. replied 1 year ago.
there should be a customize button on it. otherwise in the filters
Customer: replied 1 year ago.

unfortunately cant' fix it. There are no filters in place

 

Maybe there s a bug in the QB 2013 update?

 

Expert:  Robert M. replied 1 year ago.

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 ?

Expert:  Lindie-mod replied 1 year ago.
Hello,
I apologize as we have not yet been able to find another Professional to assist you. Would you like me to continue to search for someone to assist you or would you like for me to close your question at this time?

Thank you for your patience,
Lindie
Customer: replied 1 year ago.

If you have somebody with QB pro 2013 experience that would be great. If not then I'll try to contact QB , again.


Tnx


 

Expert:  Lindie-mod replied 1 year ago.
Hello,

I can leave your question open a little longer to see if I can find a Professional to help.

Thank you

Lindie
Expert:  Lindie-mod replied 1 year ago.
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can either return your good faith deposit to the original funding source, or we can keep your deposit on your account here for future questions.

Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.

I hope you will give Just Answer a try again in the future.

Lindie
Customer: replied 1 year ago.

Hi, Return of the deposit would be just fine.


Tnx

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