In recent days, QuickBooks Balance Sheet Out Of Balance problem has been reported numerous times by users. An organized QuickBooks Balance Sheet always has total assets equal to the sum of total liabilities. However, sometimes due to incorrect transactions or inexactly linked ones, QuickBooks Balance Sheet moves out of balance. Through this post, we are going to discuss the reasons due to which QuickBooks Balance Sheet Out Of Balance problem arises, alongside the troubleshooting solutions.
Want to get over QuickBooks Balance Sheet Out Of Balance problem instantly? If yes, feel free to speak to our QuickBooks support team at 1-855-856-0042.
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What are the reasons due to which QuickBooks Balance Sheet goes out of balance?
Generally, QuickBooks Balance Sheet goes out of balance when a payment has been recorded against the invoice, and a discount was entered was on the Credit tab. Although, there can be several other reasons behind it, such as:
- The inventory or the discount item returned by the consumer is still available on an invoice.
What is the procedure to rectify QuickBooks Balance Sheet Out Of Balance problem?
Step 1) Run the QuickBooks Balance report in accrual basis
- Open QuickBooks Desktop and go to the Reports menu.
- From the drop-down menu, select the Company & Financial option.
- Select the Balance Sheet Summary option.
- Click on the Customize Report button.
- On the Display tab, select the Accrual option under Report Basis.
- Click on the OK button.
Step 2) Look for the date when your QuickBooks Balance Sheet went out of balance
- Open the Reports menu again and then select the Company & Financials option.
- Click on the Balance Sheet Summary option.
- Select the Customize Report option.
- On the Display tab, select All from the Dates drop-down.
- Reach the Report Basis section. In case the balance sheet is out of balance in accrual only, click Accrual. Otherwise, opt for Cash.
- In the Columns region, select Year from the Display columns by drop-down menu.
- Click on the OK button.
- Compare the amount of total assets to the sum of total equity & liabilities. Find the year when your QuickBooks Balance went out of balance.
Follow the instructions mentioned in Step 2, in the same manner, to look for the month, week, and day when your QuickBooks Balance Sheet went out of balance.
Step 3) Search the transaction due to which QuickBooks Balance Sheet went out of balance
- From the Reports menu, select the Custom Report option.
- Click on the Transaction Detail button.
- On the Modify Report screen, find the Report Date Range region.
- In the From and to columns, enter the date when your QuickBooks Balance Sheet went out of balance.
- Reach the Report Basis region. In case the balance sheet is out of balance in accrual only, click Accrual. Otherwise, opt for Cash.
- Under the Columns region, clear the checkboxes for Account, Split, Clr, and Class.
- Select the Amount option to make reading of the report easier.
- Select the Paid Amount column and then click on the OK button.
- The ending balance amount in the Paid Amount filed should match the amount that is out of balance. Go through the report to look for the transaction that adds up to this amount.
After finding the transaction due to which your QuickBooks Balance Sheet went out of balance, change the date mentioned on it or delete it.
Conclusion:
If QuickBooks Balance Sheet Out Of Balance problem persists even after going through the troubleshooting procedure mentioned above in the post, then we advise you to contact our QuickBooks experts at 1-855-856-0042 to get over it.
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