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Sabrina Steiner
06-28-2005, 05:18 AM
Good afternoon everyone,


I have created Fixed Assets accounts for Office Furniture and Computer equipment (with two sub-accounts each for cost and depreciation) with opening balances given by our accountant.

Now I am wondering if this was the wrong way to go about making this adjustment as by balance sheet does not balance now.

Any advice would be much appreciated

Many thanks

Sabrina

jpcentral
06-28-2005, 06:28 AM
Sabrina

Your Balance Sheet has got to balance. QB won't let you make entries if they don't balance. Are you doing your report on a Cash basis or have you got Classes activated?

Sabrina Steiner
06-28-2005, 06:56 AM
Cash basis and no classes activated.

I looked in the help menu and followed the steps there - running the Custom Transaction Detail Report from first day I know the balance sheet went out of balance but the ending balance is zero whereas the help menu states it should show the amount that is out of balance.

On the bal sheet net current assets and total equity differ by the amount that is now in the opening bal from the fixed assets accounts I have created.

jpcentral
06-28-2005, 07:37 AM
Switch your Balance Sheet Report to Accrual basis. (Hopefully) Net Assets should now equal Total Equity.

A Balance Sheet on a Cash Basis is something of a contradiction in terms.

Any further problems just shout.

Joey
06-28-2005, 09:30 AM
What balance do you have in your Opening Balance Equity account?

Sabrina Steiner
06-28-2005, 09:49 AM
I have got about 5000 in the opening bal now which is my fixed assets plus the 6.50 that was in there before.

Am I correct in assuming that I have this whole problem because I just set up the fixed assets accounts with an opening bal (Im backdating this to 2004) but have not entered where the funds have come from?

PS: Switching to accrual basis on report unfortunately does not change anything.

Thanks everyone

Sabrina

Joey
06-28-2005, 10:53 AM
Your balances should have already had those Fixed Assets in place if they were from the prior year. Your ending balances should agree with the tax return that has been filed so you shouldn't have to add things unless you are going to amend the tax return. If your books are correct, there should be NO balance in the Opening Balance Equity account at all.
The Balance Sheet on the Cash Basis still balances unless there is a data corruption problem. Have you Verified your data file lately? Just changing to Cash Basis does not cause the Balance Sheet not to balance.

RobJoy
06-29-2005, 01:31 AM
I would urge you to check that your Trial Balance balances first - if not, you have a data integrity problem which may or may not be sorted out by a rebuild.

If the TB balances you can then compare it to your balance sheet and probably find some clues as to what's missing.

Also, try restoring a backup (to a different file name, not the 'live' file) and look at the balance sheet and TB there.