Is your QuickBooks balance sheet out of balance? A balance sheet reflects the value of a business and is a very important aspect of financial statements. It reveals the real health and position of a business therefore, it must be balanced. To balance a balance sheet is to make sure that the total assets match total liabilities. While preparing a balance sheet in QuickBooks, there can be a problem with tallying the balance. Here, we will help you figure out the solutions for fixing QuickBooks balance sheet.
If you are unable to fix the issue or need help in matching your balance sheet, you can reach out to our technical team at +1 800-579-9430 for assistance.
Here’s how to balance a balance sheet in QuickBooks
The steps involved to reconcile balance sheet amount in QuickBooks are:
Step 1 – Balancing the Balance Sheet on Accrual Basis
Run the report on accrual basis to check if the balance sheet is out of balance in accrual basis –
- Go to the Reports menu, select Company & Financials > Balance Sheet Summary > Customize Report.
- Select Accrual as the Report Basis on the Display tab. Select OK.
If your balance sheet is out of balance, you need to rebuild your company file first.
Step 2 – Finding the Date When your Report Went Out of Balance
Find the date when your report went out of balance to locate the transactions causing the problem.
- In the Reports menu, select Company & Financials > Balance Sheet Summary > Customize Report.
- Go to The display tab and select All from the Dates dropdown.
- In the Reports Basis section, choose between Accrual and Cash options, depending on the basis on which your report is mismatched.
- Select Year from the Display Columns by dropdown. Select OK. Now compare your balance to find the year from which the balance sheet went out of balance.
- After you find the year, from the Display Columns by dropdown, choose Month.
- After you find the month, from the Display Columns by dropdown, choose Week.
- And finally, after finding the week, from the Display Columns by dropdown, choose Day. Now you have the date.
Step 3 – Locating the Problematic Transactions
Now for the chosen data, run a Custom Transaction Detail Report.
- Go to Reports > Custom Reports > Transaction Detail.
- Look for the Report Date Range and enter the date in the From and To fields.
- In the Reports Basis section, choose between Accrual and Cash options.
- In the Columns section, uncheck Account, Split, Clr, and Class. Select Amount > Paid Amount. Click OK. Now look for the transactions whose amount is equal to the out-of-balance amount.
Step 4 – Changing the Transactions Date
Once you find the transactions, edit their dates to 20 years in the future and save the transactions. Refresh the report then locate the transactions you just edited and date them back to their original dates. This helps to re-link the transactions.
Step 5 – Re-entering the transactions
Lastly, try to delete and reenter the transaction if changing the date doesn’t fix the problem.
If the above troubleshooting doesn’t help to fix the QuickBooks balance sheet out of balance issue, and the report still doesn’t tally, you might need advanced troubleshooting. Get help from our technical team by contacting us at +1 800-579-9430.