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Bank Balance from Bank Rec doesn't equal Balance sheet

Sharon Schneider

The bank reconciliations balance to bank statement,

The transactions reports balances, but when I run a Balance sheet it showing a different value.

Some $235,100.91 out.

I have run quite a few different reports, tried to find this amount and I am now lost to why it is showing different values.

Bank rec at 30.6.2020 is showing correct. when I do previous Bank rec and display 31.07.20 it shows the correct balances, then if I do a Balance sheet for the 31.07.2020 it is out this amount $235k and it rolls over every month. When I printed Dec 2020 balance sheet, which I have a hard copy it didn't show any variance.

Total confused why this is happening.

Any help would be appreciated.

Comments

Tanya Briggs

Hi. The first thing I would check is if any cleared transactions have had the wrong date entered. For example, a transaction cleared for the bank rec at the end of January 2021 had a date accidentally entered as Jan 2020.

Kris_Williams

Are you running the Balance Sheet set to Accrual and net?

Sharon Schneider

Running the balance sheet as Cash = the current bank statement

running the balance sheet as accruals = showing the difference of 235K overdrawn,

this is reflected in retained earnings and I cant find it still :(

Thanks for you help

Kris_Williams

Did you check also to see if reports are set to Net not Gross

Kris_Williams

Retained earnings is usually for old balances that were entered when the file was first begun, or previous yearly P & L net balances I’m happy to have a look at it. Give me a call if you wish. O415940843

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