Community Discussion: Anyone else having problems with balance sheet? I've talked to Support twice, and no solution.

I forgot to mention that the Quicken Account Bar reports the account balance, without regard to the user's "basis".

Perhaps the Net Worth report would be more to his liking.

It's true that the Net Worth report is very similar to the Balance Sheet report; but the Net Worth report (and the Account Balances report) effectively always use the "accrual basis". So if the original poster's problem is that he intends to use the cash basis, but has incorrectly told Quicken to use the accrual basis; the Net Worth report would not work for him.

As it is, since a user can elect to employ either basis for an entire Quicken file (for those reports that utilize basis), or can elect to employ either basis at the individual report level; the op can easily continue to use the Balance Sheet if he selects the applicable basis (and assuming that using the incorrect basis is the actual cause of his problem).

Said another way: The user's choice of "basis" will affect the Balance Sheet report but not the Net Worth report. So the Net Worth report (as a Balance Sheet replacement) will always be right for those using the accrual basis, but can not be relied on for those using the cash basis.

That said, my Balance Sheet makes no sense if cash basis. An invoice account as of some dates shows a balance, but it should always be zero on a cash basis - when cash is received, it doesn't go into the invoice account. The balance is a mystery to me.

I never used the Balance sheet before reading this thread - I use the Net Worth report, but only for grins.

The balance of a Customer Invoice account (as seen in the account register) is the same regardless of basis. That balance should be the net amount of invoices and payments. The treatment of your basis selection applies only to those Quicken reports that consider basis.

When you report on a cash basis, your income from an invoice is not recognized until the invoice is paid. When using the accrual basis, your income from an invoice is recognized when you finish entering the invoice (as of the date of the invoice).

The payment is likely deposited into a checking account; but that payment should be "categorized" as a transfer from the Customer Invoice account where the invoice it paid is recorded.

I think the normal process is to record the payment in the Invoice account where you assign it directly to the invoice it is paying, As you enter that payment in the invoice account, you will be asked in which Quicken account that payment should be deposited.

You can record the deposit of an invoice payment in the checking account first, but you should make sure the deposit transaction uses the exact name of the Customer, and that the payment is then assigned to the appropriate invoice.

To assign an invoice payment, first recorded in a checking account, to its invoice:

- open the payment (PMT) transaction in the Invoice account and select the invoice to apply it to OR

- open the appropriate invoice transaction, click the "Receive Payment" button and put a check mark in "Apply existing credits".

yes, of course.