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Income & Expense vs Check Register
Posted: Mon Aug 19, 2013 12:56 pm
by dutchtownbc
The expenses on my Income & Expense statement do not match the expenses on my check register. I have taken into account the adjustments such as voided checks, journal entries, etc. Any suggestions?
Re: Income & Expense vs Check Register
Posted: Mon Aug 19, 2013 2:10 pm
by NeilZ
dutchtownbc wrote:The expenses on my Income & Expense statement do not match the expenses on my check register. I have taken into account the adjustments such as voided checks, journal entries, etc. Any suggestions?
While this answer was specfically for the Balance Sheet, this also hold true for many other reports in Accounting:
Zorak wrote:
The difference between the Check Register and most other Fund Accounting reports is that the Check Register pulls solely by the date of the transaction, whereas almost all others, including the Balance Sheet look solely at the posting month of the transaction.
You can enter a transaction dated 3/9/2011 and post it to February 2011's business.
Re: Income & Expense vs Check Register
Posted: Mon Aug 19, 2013 3:17 pm
by Zorak
Another thing to watch out for is not all "checks" or credits to the checking account are recorded as expenses. You can be paying off a liability, purchasing an asset, transferring to savings, etc.