Reporting Differences

We get queries from Business owners about comparing reports, and they often get very different figures. This is usually due to a number of differences with the types of reports, which is why we always encourage owners to get in touch with their Accountants and work through it together. In many cases, the figures from different reports are used together to understand the Business, and an Accountant is most trained in understanding this.

Difference between Aged Payables and Balance Sheet

If you notice a difference between your Aged Payables report and the Liabilities: Accounts Payable account in the Balance Sheet report, there are a few instances when these two figures can differ.

Journal entries posted to the “Liabilities: Accounts Payable” account

You can easily check this by doing the following:

  1. Go to View > Journals and filter this page by the “Liabilities: Accounts Payable” account.
  2. For the date period, make it nice and wide (e.g. 01/01/2000 – today) to make sure you capture any possible errors.
  3. If you see a journal entry with that filter, then the journal entry figure will be added to the “Accounts Payable” figure in the Balance Sheet and not to the “Aged Payable” report.
  4. Any journal entry would be causing the discrepancy between the two reports. Either edit or remove the journal entry to fix this discrepancy.

Balance Sheet reporting on invoices doesn’t include Orders

The Balance Sheet won’t show orders so it’s best that you run the Aged Payables report twice to see if any orders are creating this difference.

  1. Run the Aged Payables for “Orders” only as at the same date as you ran Balance Sheet report
  2. If a figure is generated in this report, note it down and re-run the Aged Payables report for “All” transaction types and minus the figure that was generated in step one from the total of the report in step two.
  3. The difference between these two figures can very well be the discrepancy in the two reports.

Stock Value Report doesn’t match Inventory account on Balance Sheet

The Stock Value report lists all inventory on your file, both Active and Inactive items. If there is a value attached to an inactive item it will be included on this report. The Balance Sheet only reports on Active items included on you Inventory accounts.