Tim did you get this resolved as I have the same problem?
I don’t know if Tim sorted out his problem, i never received any details from him, but I’m happy to look at your file and see if I can spot anything. My email details as above
Hi Kris,
I'm having more problems with reports in Quickbooks, you and Shaz helped me a couple of weeks ago.
Can I send you an email with the issues my accountant is advising to see if you can help please?
Yes sure
critters@netspace.net.au
Mind you I may need to login to the file to answer them
Email sent Kris, thanks again.
Did anyone find a solution to this issue? This happens every month, I rebuild and verify the data and it balances and then as soon as the next day it can be out again?
Hello
I have the same issue as above as CASH BASIS balance sheet NET ASSET does not equal TOTAL EQUITY.
ACCRUAL BASIS is balanced.
I have tried to work with Reckon contact but not getting a clear answer.
I have troubleshooted the entry which is a CREDIT NOTE to an A/R client. Could it be that given there is no CASH received it will not reflect in the CASH BASIS accounts?
Any input welcomed
THANK YOU
@NRGAccounts Has the credit note been applied ?
Thank you Shaz for feedback.
Yes the US$ credit notes/adjustment notes have been applied to the US$ invoices resulting in a $) US$ balance for customer.
BUT I have been able to identify the differences as relating to these credit notes, in US$ and believe the exchange rates are impacting and leaving a residual Aus$ Equiv amount .
Are you familiar with US$ transactions and credit notes for Balance Sheet Cash BASIS reporting as i think this is where the problem is.
Any assistance appreciated
Hi @NRGAccounts
When using multi-currency, it’s important to check & use the relevant exchange rate at the time of each transaction as it will usually change (eg the exchange rate on invoice date will be different to the exchange rate when the client makes the foreign payment)
By using the correct exchange rate, the system will then automatically create a balancing (eg unrealised v realised gains) entry for you.
Is this what you’ve been doing ?
Thank you Shaz, yes iI am very familiar with the foregin exchange gain/loss process l
I think where this is different, is that US$ CREDIT notes are being prepared for Us$ Invoices, and using a different exch rate from the invoice one. . Therefore the US$ balance is $0 US but there is a residual AUS$ amount.
This is creating a CASH BASIS imbalance on Balance Sheet.
I find it strange that Reckon can produce a Balance Sheet that is out of balance as
Assets - Liabilities does not balance to Equity?
HI Shaz, I am needing some more assistance with above issue. I have been to a Reckon Roadshow and amongst the crowd I could not find anyone very familiar with the impact on Balance Sheet when recording foreign account transactions, exchange gain/loss, and home currency adjustments are needed.
Are you able to send me your details for option for a consult.
thank you
Deborah
p.s. Reckon has forwarded my email request for assistance to 3 staff, but I am no further along in fixing my Balance Sheet CASH BASIS error.
Thank you
Feel free to email me direct 😊
Thank you Shaz, I will make contact in the week.
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