QuickBooks Balance Sheet Out of Balance Problem-What to Do?
While working with QuickBooks Desktop, are you facing QuickBooks Balance sheet Problem and don’t know how to rectify it? If yes, this post is absolutely for you. A QuickBooks Balance Sheet should show Total Asset equal to the sum of Total Liabilities. However, the QuickBooks balance sheet goes out of balance due to wrong transactions or incorrectly linked ones. With this post, we will explain the factors that usually lead to errors in a Balance Sheet and how to correct them.
For instant troubleshooting assistance resolving QuickBooks Balance Sheet Out of Balance problem, get in touch with QuickBooks experts at +1 800-579-9430).
What are the factors behind QuickBooks Balance Sheet Out of Balance issue?
Generally, QuickBooks Balance Sheet Out of Balance problem arises when an inventory returned by the customer or a discount item is present on an invoice.
How to rectify QuickBooks Balance Sheet Out of Balance problem?
Step 1) Run the balance sheet report in accrual basis
- Open QuickBooks Desktop and go to the Reports
- Select the Company & Financials
- Click on the Balance Sheet Summary
- Select the Customize Report
- Go to the Display tab and select the Accrual option under Report Basis.
- Click on the OK
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Step 2) Find out the date where Balance sheet is showing out of balance
- From the Reports menu, select the Company & Financials option
- Select the Balance Sheet Summary
- Select the Customize Report
- On the Display tab, select the Dates drop-down.
- Select the All
- Under the Report Basis section, if you notice that the balance sheet is out of balance in accrual only, select the Accrual Otherwise, select the Cash option.
- Under the Columns Select the Display columns by drop-down menu.
- Select the Year
- Click on the OK
- Make a careful comparison between your Total Assets and Total Liabilities & Equity and find the year when your Balance sheet is showing out of balance.
Follow the same steps mentioned above to find out the month, week, and day when your balance sheet went out of balance.
Step 3) Look for the incorrect transactions due to out of balance
- From the Reports menu, select the Custom Report
- Click on the Transaction Detail
- On the Modify Report window, find the Report Date Range
- In the From and To fields, enter the date when your balance sheet went out of balance.
- Under the Report Basis section, select the Accrual option in case your balance sheet is out of balance in accrual only. Otherwise, select the Cash
- Under the Columns section, clear the Account, Split, Clr, and Class check-boxes.
- Select the Amount
- Check-mark the Paid Amount check-box.
- Click on the OK
- The balance in the end in the Paid Amount column should match the amount that is out of balance. Go through the balance sheet report to locate the transactions that add up to this amount.
After finding the transactions due to which your balance sheet went out of balance, change the date on them.
Note: In case changing the dates on the incorrect transactions doesn’t rectify the problem, then you should delete the incorrect transactions and reenter them.
Note: In case changing the dates on the incorrect transactions doesn’t rectify the problem, then you should delete the incorrect transactions and reenter them.
Conclusion:
If QuickBooks Balance Sheet Out of Balance problem persists even after following the steps mentioned above in the post, we suggest you contact the QuickBooks support team at +1 800-579-9430 to get it fixed. Our QuickBooks experts are proficient in the art of troubleshooting, and Balance Sheet problems are tricky too; therefore, it will be smarter on your side to get professional help from them.
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