In some cases, certain issues are noted post-conversion, which caused discrepancies in your financial data. We have developed workarounds to correct these discrepancies. If you have identified certain issues in your new QuickBooks Online account, please see our list down below to check if they are included. Under each type of issue, we have identified the steps that you can follow to correct the discrepancy.
Issue: Accounts Receivable (AR) and/or Accounts Payable (AP) Aging Report balances not matching with General Account Balances
This is applicable only to AR/AP discrepancies that cannot be corrected by creating an adjusting journal entry, there is no AR/AP imbalance in the source system, and all account balances are matching between source file and QuickBooks Online. This can be diagnosed by pulling out the aging reports and comparing its balances against the General Account balances in QuickBooks Online file. The discrepancy amount should equal the amount in zCustomer or zVendor.
From the below illustration using Accounts Payable as the example, the difference between the Aging Summary against the Accounts Payable as per Balance Sheet is equal to the balance amount of zVendor. In addition to this, zVendor’s transaction list amounts to zero (refer to Open and Total amounts), which means that zVendor balance as per aging report should have been zero. Otherwise, there is another reason for the discrepancy which can easily be corrected by a journal entry or perhaps, the discrepancy is coming from the source file, and so, this workaround will not be applicable.
Please do the following steps to correct the discrepancy:
1. Go to Reports.
2. Click on Accounts payable aging summary. If discrepancy is coming from Accounts Receivable, click on Accounts receivable aging summary.
3. Look for zVendor, or zCustomer if applicable, and click on the balance.
4. A/P Aging Detail will appear, showing the journal entry for zVendor. For zCustomer, A/R Aging Detail will appear. Click on the journal entry.
5. Take note of the line entry made for zVendor, or zCustomer if applicable. Note the amount and description and then, delete the line entry.
6. Re-enter the deleted line and Save. This should correct the balance of zVendor or zCustomer.
7. To verify for this illustration, check Accounts payable aging summary. The zVendor account should now show the correct zero amount. The Accounts payable aging summary will also show a total balance aligned to the Accounts Payable balance per Balance Sheet.
8. The same outcome can be expected for Accounts Receivable and zCustomer, if the above steps are followed.
Issue: Balance Sheet Assets does not equal Balance Sheet Liabilities + Equity
This is applicable ONLY when there is no related discrepancy issue in the source file and all account balances are matching between source file and QuickBooks Online. Otherwise, further investigation must be done as there might be another way to correct the discrepancy, like creating a correcting journal entry.
This is diagnosed when Balance Sheet is generated from QuickBooks Online and it shows Total Assets not equal to Total Liabilities and Equity. This is due to an equity account, a dividend or retained earnings, that appears to be not properly mapped in QuickBooks Online.
Please refer below illustration, wherein QuickBooks Online Balance Sheet is off by 619.72 (Total Assets vs. Total Liabilities and Equity).
After a comparative analysis between the balance sheet reports from source and target systems, it is discovered that the discrepancy is due to an Equity Account that is not mapped in the Balance Sheet (it could a different account for a different file).
To correct this, please follow the steps below:
1. Go to Chart of Accounts.
2. Look for the account that is causing the imbalance. In this example, it will be the Equity Account.
3. Click Edit.
4. A window should open displaying the account details. There is no need to change any of the details if not necessary. Just simply click on Save and Close, then Yes.
5. Check the Balance Sheet again. It should now include the Equity Account and the Total Assets and Total Liabilities and Equity should now be having the same totals.
Issue: Multi-currency transactions
Multi-currency transactions are not supported and will only be converted into home currency. There might be some account balances that requires revaluation after conversion. Please refer to Step 9 of Post-conversion tasks.