How To find The transaction that is out of balance follow the steps mentioned below:–
- For Customer Report:-
- For finding out this, you need to go to the report menu in your QuickBooks and then you need to select custom report option and you select Transaction detail.
- After selecting transaction detail window it will open that says Modify reports , there you need to select the customized report.
- Now just go to the Display tab and follow the instructions :-
- Now you just need to change Report Basis to either to either Cash or to Accrual
- And now you need to put in data in From and To option there you have to fill in from when your sheets went out of order to the time they were wrong
- Now you have to set the Total By option to Customer
- After doing that you need to go to the option of Filter Tab and follow the instructions:-
- Now you will see the Filters list from thee you need to select the Transaction type
- After opening the transaction type , on filter detail information , you need to select Multiple Transactions and then you have to choose Invoice , Credit Memo and Payment
- At last you simply need to select OK.
After following this process if you get the date and the customer who has non-zero subtotal . Then that is the customer that has damaged the transaction.
And if you get total as non-zero but not the amount & date by which the balance sheet were out of date , you need to add an another transaction to the filter type . Most often you are needed to add some journal entries and also the checks .
2.For Vendor Report :-
- In your QuickBooks you need to go to the Reports menu and open Custom Reports and then select Transaction Detail
- After opening Transaction Detail modify report window will get opened from there select Customize Report.
- Now just simply go to the Display Tab and follow the instruction :-
- On the Display tab you need to set the Report Basis to Cash or either to Accrual, whichever you think is wrong according to you.
- And now on option which says FROM and TO you need to put in the exact date your balance sheet were gone wrong.
- And just set the total by to VENDOR .
- After following the process go to the Filter tab and follow the instructions:-
- Now on the filter list you need to select the TRANSACTION TYPE.
- And on filter details you need to select MULTIPLE TRANSACTION and then you have to choose BILL,BILLS CREDIT & BILL PAYMENT
- Now just simply press OK
Ift the total you get is amount by which you balance went wrong and the specific date for it you need to find out who has non zero subtotal and that is the vendor who has damaged the balance.
After running this process if the total you get is non-zero but not the amount by which your balance sheet are going wrong . You need to an another transaction to filter type.mostly you need is to add journal entries.
For Journal Report:-
- On your QuickBooks from the Reports menu you have to choose Accountant and Taxes and then just go to Journal
- Now just simply select Customize report.
- Now go to the Display Tab and follow the instructions:-
- Now you have to set the Report Basis to cash or either to Accrual , whichever according to you is wrong .
- Now you have to set the option of From and To with the exact dates you think your balance sheet are going wrong ,
- Now just simply press ok.
IMPORTANT NOTE: If the debit and credit totals mismatch, it mean that you found the exact date when your balance sheet went wrong . you need to find the transaction that displays mismatch and and delete and recreate what is necessary.
For Other Transactions:-
- On your QuickBooks open the Reports menu and from there choose the option of Custom Reports and then go to Transaction Detail.
- Now a modify report window will get opened and there you have to select Customize Report.
- Now you have to go to the Display Tab and follow the instructions:-
- Now you just have to set the Report Basis to Cash.
- After that you have to open a drop down menu for date and chose ALL
- Now you have to set the Total By to Cash.
- Now add the Item Column.
- Now simply hit OK.
- Now you would have to scroll Down to the end of your report and if the last of the all group of transaction and has the heading NO ACCNT and the column is also blank then it means that these transactions are not assigned yet and you just need to follow these steps:-
i> Now on the list menu , Choose the item list.
ii> now after you open the item list you have to right click on the item and and choose edit item.
iii> Change the account and press ok.
iv> Now again open the Edit Item option
v> Now you have to make changes and set Account bat to the original account and press OK.
vi> Now just simply repeat step V for each and every transaction on the following report that does not have any account .
Now you have to look for a certain type of transaction that is making balance sheet out of balance in basis of Cash. some of those transaction are :-
- Some of the Inventory Return and some discounts on a invoice
2..Some Of the discount that was entered as customer level but applied at job level
- Some of the journal entry that is linked to a credit memo
- Some of the discount that is offsetting the balance sheet
5.An unconventional inventory of transactions