If you are here, your QuickBooks balance sheet must have gone out of balance. As you know, QuickBooks records revenue and expenses, and incorrect transactions lead to QuickBooks balance sheet out of balance issue. When in order, the Total Asset amount in QuickBooks balance sheet is equal to the sum of Total Liabilities and Total Equities. This blog is all about acquainting users with fixes for QuickBooks balance sheet out of balance, so read carefully till the end.
QuickBooks balance sheet out of balance? Don’t worry. Call us on our customer support number 1.800.579.9430 and get assistance from the certified QuickBooks expert’s team.
What causes QuickBooks balance sheet out of balance?
This might happen due to the following reasons:
1. An inventory returned by the customer.
2. Discount on an invoice.
3. Selling one or more inventory items.
Fixing QuickBooks Balance Sheet Out of Balance
The troubleshooting steps given below will help you fix your balance sheet that is out of balance:
Step 1. Try to run the report in accrual basis
1. Open QuickBooks.
2. Select the Report menu.
3. Select Company Finances and then Balance Sheet Summary.
4. Click Customize Report.
5. Go to the Display tab and select Accrual under Report Basis.
6. Click OK.
If the balance sheet is still out of balance, proceed to the next step.
Read more :- QuickBooks error 40001
Step 2. Find the date where the balance sheet went out of balance
Follow the steps to locate the transaction causing the problem:
1. Click on the Reports menu.
2. Choose Company Financials and then Balance Sheet Summary.
3. Select Customize Report.
4. Go to the Display tab and select Accrual if balance sheet is out of balance in accrual basis else, select Cash.
5. Move to the Column section and select Year from the Display column by dropdown menu.
6. Click OK.
7. Now, balance Total Assets to Total Liabilities and Equity.
8. Look for the year where the balance sheet went out.
After finding the year, follow the steps to narrow down the exact date:
9. Repeat steps 1 through 4 above and select Month from the Display columns by dropdown menu.
10. After finding the month, follow the same steps to find Week and then Day.
Now that you find the date that is making the balance sheet out of balance:
11. Move to the Modify Report window and look for the Report Date Range section.
12. Enter the date in the From and To fields.
13. Go to the Display tab and select Accrual if balance sheet is out of balance in accrual basis else, select Cash.
14. Within in the Column section, unmark Account, Split, Clr, and Class.
15. Choose Amount and then the Paid Amount column.
16. Click Ok.
17. The ending balance in the Paid Amount column should be equal to the amount that is out of balance.
18. Next, re-date the transaction.
19. If it doesn’t work, delete and reenter the transactions.
This brings us to the end of this blog. We hope you find it helpful for fixing QuickBooks balance sheet out of balance issue. If you still have any queries, contact the QuickBooks support team by calling us on our toll-free number 1.800.579.9430.
