Managing the company’s finance is surely went smoother, with the launch of the best accounting software that is QuickBooks by Intuit. If we talk about the balance sheets maintained under the QuickBooks software, it should always have the total asset equal to the sum of the total liabilities and total equities. But there are times when you might face an error while updating the same. You may see that your balance sheet isn’t accurately in the balance due to some incorrectly entered transaction. In this blog, we will be helping you to overcome this issue, but before that, let’s discuss the cause for the same. There are basically three primary reasons for QuickBooks balance sheet to go out of balance and these are:
- The data of your company file might have damaged.
- You might be using a multi-currency feature on your QuickBooks.
- You might have entered or linked transaction that isn’t compatible.
In order to get this resolved, either follow the below-mentioned steps or get in touch with the experts at the QuickBooks customer service number.
- Try troubleshooting your underlying data damage.
- You can fix the data damage issue by using the troubleshoot option.
- You can narrow down the time window in order to get the exact time when it all got messed up.
- You can try fixing the error by exploring the qbwin.log file.
- You can even rerun the balance sheet report and check out the balance and the difference coming out.
- Run the report on the accrual basis.
Go to the ‘Reports’ menu and choose ‘Balance Sheet Summary’ under the Company & Financial tab.
- Now, select ‘Customize Report’ in the appearing dialogue box and click on ‘Display Tab.’
- Finally, rearrange the ‘Report Basis (Cash or Accrual)’ whatever is out of balance.
- Find out the date when it got out of balance.
- Go to the ‘Reports’ menu and choose ‘Balance Sheet Summary’ under the Company & Financial tab.
- Now, select ‘Customize Report’ in the appearing dialogue box.
- Then click on ‘Display Tab’, and from the ‘Dates’ dropdown menu select ‘All.’
- In case if it’s out of balance only in accrual then select, ‘Accrual’ or else select ‘Cash.’
- Now in the column section, from the display column dropdown, tap on ‘Year’ and select ‘OK.’
- Finally, start comparing your total assets to your total liabilities and equities and find out when your balance sheet went out of balance.
- Check which transaction is making your sheet out of balance.
- Start by going to the ‘Reports’ menu and choose ‘Custom Report’ and then click on ‘Transaction Details.’
- Now, in the Modify Report window, look for the data range section and enter the date the report went out of balance in the ‘From’ to ‘To’ fields.
- Then go to the ‘Report Basis’ section and choose ‘Accrual’ or ‘Cash; accordingly.
- In the column section, go and uncheck Amount, Split, CLR, and Class and select ‘Amount.’
- Now, select the ‘Paid Amount’ column and tap on ‘OK.’
- The displayed ending balance in the Paid Amount column should be equal the amount that out of balance.
These fantastic methods will surely help you in tackling the problem, and in case you get stuck anywhere you can anytime get on a call witt the techies at the QuickBooks support number.