Ask Experts Questions for FREE Help !
Ask
    RRR44's Avatar
    RRR44 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 3, 2009, 09:06 AM
    Quickbooks Balance Reports & Retained Earnings
    I reviewed a Balance Sheet Standard Report today in Quickbooks. I immediately noticed the amount was incorrect. When I double clicked on the line to see more details, it generated a transaction list that calculated the correct number.

    This confused me so I ran a Balance Sheet Detailed Report and that report also calculated the correct number. A Balance Sheet Comparion to Last Year Report also colculated the correct RE number.

    All reports were run for the same date range and an an accural basis. Further, when I compared the 2008 Retained Earnings on all reports, they match perfectly. Additional REs were added 1/1/09 and that's where the numbers begin to differ.

    Anyone have any idea what the Balance Sheet Standard Report would be considering REs in addition to the general ledger entry made on 1/1/09? I'm baffled!
    RRR44's Avatar
    RRR44 Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Oct 3, 2009, 09:07 AM
    Oh in addendum to the above post, it is the Retained Earnings that are not matching. Thanks!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Retained earnings and trial balance [ 2 Answers ]

I was working on the Trial Balance sheet: 1. I was wondering if Accumulated depreciation should be added to credit account or debit in both trial balance and close trial balance. It is actually part of assets (depreciated from equipment/fixed assets). 2. I am also slightly confused about...

Classified balance sheet - retained earnings [ 1 Answers ]

Would you add your net income or comprehensive income to get your ending balance for retained earnings. I am assuming net income but not positive.

Retained Earnings and Balance Sheets [ 1 Answers ]

22. Which of the following accounts will be closed to the retained earnings account at the End of the fiscal year? a. Rent Expense b. Fees Earned c. Income Summary d. Depreciation Expense I think it is D 30. Which of the following accounts ordinarily appears in the...

Balance Sheet and Retained Earnings [ 4 Answers ]

Company X had the following accounts and balances in its general ledger at December 31, 20x9. Cash $45,000 Accounts Payable $80,000 Property & Equipment $200,000 Long Term Debt $ 60,000 Capital Stock $150,000 Accounts Receivable $90,000...

View more questions Search