Balance

Manage and view balances in QuickBooks Online

QuickBooks Online provides several ways to view, customize, and troubleshoot balances for vendors, bank accounts, and balance sheets. Below are the steps to manage these views effectively.

Customize the Vendors list to show balances

If you cannot see the total amounts due in the Vendors center, you can customize the columns to display the balance.

1. Go to Get paid & pay (or Expenses) and select Vendors.
2. Locate the list of vendors. Right-click the column header row.
3. Select Customize columns.
4. In the list of available columns, find Balance and click Add to move it to the “Chosen Columns” list.
5. Select OK to save your changes.

Rename a balance sheet account

If you need to correct the name of a new account you created, use the Chart of Accounts.

1. Go to Settings (the gear icon) and select Chart of Accounts.
2. Find the account you wish to rename.
3. In the Action column (the far right), click the drop-down arrow.
4. Select Edit.
5. Update the Name field and select Save and close.

View Balance Sheet details

QuickBooks Online does not have a specific “Balance Sheet Detail” report. To see the transactions that make up a balance:

1. Run the standard Balance Sheet report (go to Reports and search for “Balance Sheet”).
2. Click on the specific amount for the account you want to investigate.
3. QuickBooks will open a Transaction report by account showing the individual entries.

Sort accounts on the Balance Sheet

If the order of accounts on your report differs from the Chart of Accounts, you can re-sort the master list to correct it.

1. Go to Settings and select Chart of Accounts.
2. Select the Batch actions drop-down (usually near the top right).
3. Choose Resort list.
4. Confirm the action. Once the list is sorted, re-run your Balance Sheet report to see the updated order.

Update bank balances and transactions

If your bank register shows a zero balance or transactions are missing (e.g., the last download is several days old), try a manual update.

1. Go to Transactions and select Banking (or Banking directly from the left menu).
2. In the upper right corner, select the Update button.
3. If prompted, choose the specific bank account and confirm the update.
4. QuickBooks will communicate with your bank to pull in the latest available transactions.

Understand balances in bank reconciliation

When reconciling a bank account, the Cleared Balance is a calculated field representing the sum of all previously cleared transactions.

• Beginning Balance: This should match the Cleared Balance in the lower right of the reconciliation screen. It also matches the ending balance from your previous statement.
• Troubleshooting: If the Cleared Balance is zero or incorrect, verify that you are entering the correct Ending Balance from your current bank statement on the first screen of the reconciliation wizard.

View payroll liabilities on the Balance Sheet

Payroll liabilities appear on your Balance Sheet, but understanding the exact amounts due often requires specific payroll reports.

• Payroll Summary Report: This is often the best tool for reviewing overall payroll figures.
• Payroll Liability Balances Report: Be aware that this report shows liabilities incurred during the period as well as payments made for prior periods. This means the total shown may not equal the current amount due.
• Paid Through Date: When reviewing liability reports, ensure the “Paid Through” column is visible to understand exactly which periods the payments cover.