Why doesn't my Finagraph Balance Sheet match the report from QuickBooks?

In most cases they will match, but there will be times that we have ordered accounts differently. Because Finagraph works with multiple accounting software systems, we abide by GAAP standards to normalize the presentation of the Balance Sheet. The GAAP standards provide a set of guidelines usable by all financial professionals that may, at times, differ from the presentation of the data in some accounting software. For financial professionals who work with multiple accounting software, our GAAP normalization allows for easy comparison between businesses.

We realize that at times, business owners and financial professionals will want to view the balance sheet provided from the accounting software so have included them as an option. While viewing a Finagraph, click on the Attachments button to pull up a list of the reports used to create your Finagraph. Click on the "View Report" button to the right of the file name open the original report.

An example of where our normalized report may differ is with our handling of negative Assets and Liabilities. QuickBooks allows for negative Assets and Liabilities to remain in their respective groupings in the Balance Sheet. With GAAP guidelines, however, they are applied to how the balance of the category impacts the business.

Finagraph has implemented a “rehoming” of asset and liability accounts with negative balances on the Balance Sheet. If an asset account has a negative balance, it will be moved to the appropriate liability account and its balance negated. Liability accounts with negative balances will be likewise moved under an appropriate asset account and their balances negated. For example, an overpaid Accounts Payable account becomes a credit and an asset available to the business.

If you find that there are discrepancies apart from our standard "rehoming" of accounts, please use the "Submit a request" link at the top of this page to review your questions with the Finagraph support team.