Accounts Receivable and Payables Balance Sheet discrepancy

Femie Manderhuon
Femie Manderhuon Member Posts: 3
edited December 2017 in Reckon Accounts (Desktop)
When I look at my Chart of Account list I can see my Accounts Receivable and Accounts Payable balances BUT in my Company Balance sheet those figures do not carry over. I have an odd NEGATIVE figure in Accounts Receivable and Accounts Payable (Trade Creditors) doesn't appear at all? Any suggestions? I have 2 company accounts and they both do the same thing...

Comments

  • Graham Meredith_6349282
    Graham Meredith_6349282 Accredited Partner Posts: 7 Accredited Partner Accredited Partner
    edited December 2013


    Hi Femie

    It sounds like you have been writing journal entries to the general ledger account for these two accounts which would indicate why the two accounts do not agree to your balance sheet.

    Create a Balance Sheet report, then double click on your Accounts Receivable Balance. Click on Modify in the top left and once there, click on Filters. Find the item in the box called Transaction Type and click on Journal from this group.

    Than click OK and change the date range item to "All"

    That will show you all of the journal entries that have been made which should be the difference between your Accounts receivable ledger and your balance sheet amount.

  • Femie Manderhuon
    Femie Manderhuon Member Posts: 3
    edited December 2013
    No there are no journal entries posted. To be certain I have followed the instructions above as well it is a null report. Any other ideas?
  • Graham Meredith_6349282
    Graham Meredith_6349282 Accredited Partner Posts: 7 Accredited Partner Accredited Partner
    edited December 2013


    Hi Femie

    Just to confirm are you only using one Accounts receivable and one Accounts payable account in the Chart of Accounts.

    If you look in the Chart of Accounts are their "Type" Accounts receivable and Accounts payable respectively ?

  • John G
    John G Reckon Staff Posts: 1,570 Reckon Staff
    edited February 2017
    Hi Femie,

    Has your balance sheet discrepancy now been resolved?

    regards,
    John
  • Femie Manderhuon
    Femie Manderhuon Member Posts: 3
    edited December 2013
    I have been out of office back tomorrow so will check last fix and respond tomorrow. Thankyou
  • SusanR
    SusanR Accredited Partner Posts: 30 Accredited Partner Accredited Partner
    edited November 2016
    Hi Fernie, 

    In addition to Graham's post, you could check whether you are running the Balance Sheet from a previously memorised report and the Balance Sheet report settings are set to Cash. 

    You could also check your overall report preferences from the drop down menu Edit > Preferences > Reports & Graphs > Company Preferences.  These settings are separate and can be different to your GST reporting basis settings which can be found from the drop down menu Edit > Preferences > Tax > Company Preferences.

    Kind Regards, Sue
  • [Deleted User]
    [Deleted User] Posts: 0
    edited September 2014
    Hi guys, I have same issue as Femie has mention in this thread. My Accounts Receivable chart of accounts says I have balance which has large discrepancy when I check in balancesheet. I have tried everything mentioned above by everyone. But still the problem is not resolved. I am currently using reckon hosted 2014.
  • Kathy Mackinlay_6947388
    Kathy Mackinlay_6947388 Member Posts: 141
    edited December 2014
    Hi all, I have the same issue. When i run the Balance Sheet the total for Accounts Receivable and Payable are different from the report off the Customers and Suppliers. I have isolated which customers and suppliers they are but cannot work our how the difference has been got. The customers statement is correct balance but the b alance on the A/R summary report is not.
  • Graham Boast
    Graham Boast Accredited Partner Posts: 331 Accredited Partner Accredited Partner
    edited December 2017
    Hi.

    A few reasons that this can be different:

    Check Edit > Preferences > Reports & Graphs > Company Preferences.  The Default Reporting settings should be set to ACCRUAL and NET irrespective of whether you are Cash or Accrual GST.

    This will more than likely be the issue.

    If not, double click on the account from the Chart of Accounts and look to see if there are any transactions dated in the future.  If you are running a balance sheet dated today, this will differ the Chart of Accounts which will show the last balance, even if in the future.

    If the default preferences are set to accrual & net, the A/R Ageing Summary (or A/P Ageing Summary), the trial balance and the balance sheet should all agree.

    Graham Boast
    Reckon Accredited Consultant
    graham@reckonhelp.com.au
    www.reckonhelp.com.au/remotesupport.htm




    Graham Boast | 0409 317366 | graham@reckonhelp.com.au

  • Kathy Mackinlay_6947388
    Kathy Mackinlay_6947388 Member Posts: 141
    edited December 2014
    Hi Graham, I have checked all my parameters. i have identified the Customer who has the incorrect balance on the Accounts receivable report. I can't work out how the balance can be different on the A/R detail report and the customer enquiry screen? I need these to balance for the Accountant to do the end of year.
  • Kaka
    Kaka Member Posts: 10

    Thanks Graham this has fixed my issue of double up entries in the Balance sheet detailed report!

  • Kaka
    Kaka Member Posts: 10

    Hi Grahman, in saying the above I've just realised I have double entries for Paid bills - one that I have entered via Supplier / Enter Bills and then I 'pay' the bills via Supplier / Pay bills.

    In the Detailed balance sheet report there are automatic bill payments via Credit card - how do I get rid of these entries please? Desperately need assistance! Thanks

  • Graham Boast
    Graham Boast Accredited Partner Posts: 331 Accredited Partner Accredited Partner

    Hi Kaka,,

    it sounds as if you are entering and paying bills correctly. This will show as 2 entries in the supplier register and the. Accounts payable register, but is correct. Generally, a double-up is caused by entering a bill then using the write check function when it’s paid. This will generally show as a double up of the expense in a profit & loss detail report.

    With regard to the automatic entries, any incorrect transaction can be deleted by opening the transaction (double click from a report) and then edit - delete (transaction type). Be careful here as the type of transaction matters. Deleting a Bill-Payment can leave unpaid bills. If it is a transaction linked to another bank or credit card, you may be deleting a transaction that has already been reconciled in the other account. If it asks whether you are sure you want to delete a reconciled transaction - don’t!


    hope this helps. If you need to book me in for a remote consultation give me a call.


    Graham Boast 0409317366

    graham@reckonhelp.com.au

    Graham Boast | 0409 317366 | graham@reckonhelp.com.au