I am running a report for a client that is to include last quarter (Q2). The assets and liabilities agree with QuickBooks, but the equity is not correct. Retained earnings does not match QuickBooks.
Ralph Pinney
I am running a report for a client that is to include last quarter (Q2). The assets and liabilities agree with QuickBooks, but the equity is not correct. Retained earnings does not match QuickBooks.
Ralph Pinney
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Hey@Rbpinney that’s very strange. Can you let me know which company’s equity didn’t align with QBO? If you need to keep the client’s name private, please email support@digits.com and I’ll see it there.
The client’s name is MEC Consulting. Here’s the balance sheet for q2 from Digits
Here’s QBO
Thank you! The team is digging into this. Will keep you updated.
Hi@Rbpinney - The engineering team just got back to be that we have addressed the discrepancy from QBO within your clients reports!
If you open the report with the discrepancy, make sure it is in “Edit mode” and hit the “Refresh” button in the top right, you should see the numbers update to match QBO.
Take a look and would love if you can confirm everything looks good on your side!
Thanks!
Rob
I believe I have spotted the problem for the balance sheet report. Digits is using the accrual method of accounting for the report. This client is on the cash method.
The big difference to look for is whether or not Accounts Receivable are shown. You should not see it if the business is on cash accounting method.
It will show if the business is on accrual method.
This business is on cash method.
Thanks@Rbpinney and adding in support cash method is being discussed. Please upvote the idea here!