A close you can explore · fictional Riverside Group
Try the work.
Tell us where it breaks.
Compare two company balances, review a sample correction, and inspect the resulting workbook. Try the three tasks before opening the answer key.
Your assignment
Three questions.
One sample close.
Work at your own pace. Note where you need help; there is no timer or automatic score.
Explain the difference
Compare the two balances. How much is unmatched, which balance is lower, and what would you investigate before choosing a correction?
Review the proposed entry
Open the journal preview and read the fictional source explanation. Which company and accounts change? Approve the example only after reviewing them.
Inspect the deliverable
Open the workbook. Find August’s monthly net income and the intercompany elimination. What would you still check before handing a real report to its reviewer?
Compare company balances.
Riverside Group
Property Co’s payable is lower than Admin Co’s receivable.
Find the entry behind the difference
This entry accounts for the whole $2,000.00 difference.
In Admin Co no counterpart in Property Co
- Bill Payment #1042Roof repair paid for Property CoDebit$2,000.00
2 pairs of entries matched between the companies. Entries are paired by exact amount from Jan 1, 2026; this doesn’t decide which company is right.
After the correcting entry
One reviewable workbook.
Consolidation · Monthly P&L · YTD P&L · Intercompany · Verification
A tie-out does not prove the underlying books are correct.
Approve the example to open the workbook.
No QuickBooks entry is posted.
Expected result — open after trying the tasks
What this fictional case should produce.
- The difference: Admin Co records $50,000 receivable and Property Co records $48,000 payable: a $2,000 difference. Balances alone cannot tell you which company is wrong. Investigate the underlying transaction before selecting a correction.
- The stipulated cause: Admin Co paid a $2,000 repair bill that Property Co omitted. The example debits Property Co’s Repairs & maintenance and credits Due to Admin Co by $2,000. Admin Co stays unchanged; both sides then show $50,000.
- The output: The workbook removes the matched $50,000 due-to/from balances from the group totals. August monthly net income is $23,000.00; July is $15,000.00. The corrected August sample passes 11 displayed checks, with $0.00 remaining intercompany balance.
The workbook is a values snapshot. Editing Excel cells does not recalculate totals or checks. For real books, confirm the group, reporting period, currency/basis, ownership, source evidence, mapping and other required adjustments. Matching balances alone do not establish report readiness.
Real corrections and exports require an account, authorized QuickBooks connections and paid activation. The sample does not test signup, connection consent, live posting or reviewer acceptance.
Download the corrected August sample workbookWhat happened when you tried it?
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