The balance sheet demonstrates the financial position of the company. Any disparities in the sheet make QuickBooks balance sheet out of balance. It usually happens when a payment is recorded against the invoice. The balance sheet, when in order, shows Total Asset equal to the sum of Total Liability and Total Equity. This blog will guide you on the complete process to balance the balance sheet, so read carefully until the end.
If you need direct assistance for the QuickBooks balance sheet out of balance issue, call us on our customer support number +1 800-579-9430 and speak to certified QuickBooks professionals
Solutions to Troubleshoot & Fix QuickBooks balance sheet that is out of balance
Solution 1. Make a backup of QuickBooks company file to prevent loss
- Open QuickBooks Desktop, move to the File menu, and select Switch to Single-user Mode.
- Move to the File menu again and select Back up Company.
- Choose Create Local Backup, then Local Backup, and then Next.
- Go to the Local Backup Only section and click Browse.
- Choose a location to save your backup company file.
- To save the file, click Save it now and then Next.
Solution 2. Try using an Accrual basis to run the report
- Select the Reports menu and then the Company & Financial option.
- Choose Balance Sheet Summary and select Customize Report.
- Go to the Display tab, click Accrual under Report Basis, and then OK.
You need to rebuild the company file first if it is out of balance on accrual basis. Proceed to the steps given below to do so:
- Open QuickBooks Desktop, go to the File menu and hover over Utilities.
- Click Rebuild Data, and when directed to the QuickBooks Information window, select OK.
- Follow the prompt steps to save the backup and let the rebuild tool repair the company file.
- Click OK once the repair completes and select the File menu.
- Choose Utilities and then Verify Data. It will recheck the file for data issues.
- If QuickBooks discovers an issue in your company file, click Rebuild Now.
If the balance sheet is out of balance on cash basis only, follow Solution 3.
Solution 3. Track down the date when the balance sheet went out
- From the Reports menu, choose Company & Financials and then Balance Sheet Summary.
- Click Customize Report and then move to the Display tab.
- Scroll the Dates dropdown and click All.
- From the Reports Basis section, click Accrual if the balance sheet is out of balance in accrual only.
- If it is not on an accrual basis, click Cash.
- Now, go to the Columns section, scroll the Display columns by dropdown, and select Year.
- Click OK and compare Total Assets to Total Liabilities & Equity to find where the balance sheet went out.
- Once you find the year, track down the exact month, week, and then date.
- Search for the transaction that makes the balance sheet out.
- Change the date of the transaction. If it doesn’t work, delete the transaction and then reenter it.
We know how complex it is to balance QuickBooks balance sheet out of balance issues. The process involves tracking the year, month, week, and then date. If you need more guidance on the same, connect with the certified QuickBooks expert’s team by calling us on our toll-free number +1 800-579-9430.
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