QuickBooks is a marvelous accounting application widely used for inventory management. The QuickBooks Balance Sheet Out of Balance is a problem that users face when they find that the total assets are not equal to total liabilities in the QB application. This is a tricky problem that generates much confusion among the users. Usually, this error arises when the returned inventory item is again entered in the invoice. If you want to learn the reliable procedure to get rid of this technical error, read this blog till the end.
Do you want to resolve the QuickBooks Balance Sheet Out of Balance Issue in the easiest way? Dial +1 800-579-9430 to contact our QuickBooks support team.
What are the Basic Reasons for the QB Balance Sheet Out of Balance Issue?
The QB Balance Sheet Out of balance Issue arises due to the following reasons:
- If you have entered a returned inventory item cost in the invoice, you may confront this error.
- This problem can come up if you have put discount amount in the ‘Discount/Credit tab’ after receiving payment for the item.
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Effective Procedure to Resolve the QB Balance Sheet Not Matching Error
To eliminate the QB Balance Sheet Not Matching Error, you can utilize these steps:
1: Execute the Balance Sheet report in accrual basis
- In this step, you should open the QB Desktop and proceed to strike on the ‘Reports’ menu and then click on the ‘Company & Financial’ tab.
- After that, you must tap on the ‘Balance Sheet Summary’ option and then hit the ‘Customize Report’ tab.
- At this point, you should move forward to click on the ‘Display’ button and then strike on the ‘Accrual’ tab to execute the report in accrual basis.
- Now, hit the ‘OK’ tab and if you find that the report is not balancing in accrual basis, you should use the ‘Rebuild Tool’ to repair the company file.
- Furthermore, if the report is not balancing in only cash basis and if it is showing different balance even after repairing the company file, you should jump to the next step.
2: Identify the date from which the balance sheet is appearing out of balance
- You should follow the first two points of the previous step and then click on the ‘Display’ tab to choose the ‘All’ option from the ‘Dates’ tab on the screen.
- Depending on the balance sheet report, you should choose either ‘Accrual’ or ‘Cash’ button and then proceed to select ‘Year’ from the ‘Display Columns by’ tab.
- At this point, you should identify the year in which balance sheet went out of balance. Afterwards, you can identify the particular day by selecting ‘Month’, ‘Week’ and ‘Day’ respectively from the ‘Display Columns by’ tab.
3: Identify the transactions in balance sheet report due to which balance sheet is out of balance
- First of all, you should hit the ‘Reports’ menu and then proceed to strike on the ‘Custom Report tab. Thereafter, strike the ‘Transaction Detail’ button and then go to the ‘Modify Report Window’.
- At this point, you should type the dates on which the balance sheet went out of balance in ‘From’ and ‘to’ field in the ‘Report Date Range’ segment.
- Now, you should navigate to the ‘Report Basis’ segment and choose ‘Accrual’ or ‘Cash’ button and thereafter proceed to the ‘Columns’ segment.
- At this point, you should unmark the ‘Account’, ‘Split’, ‘Clr’ and ‘Class’ checkboxes and choose the ‘Amount’ tab.
- Finally, you must click on the ‘Paid Amount’ tab and then identify the transactions that total up to this amount.
4: Enter the new dates on the transactions
- After identifying the error causing transactions, you should modify their dates to 20 years in the future.
- At this point, you should save these transactions and after refreshing the balance sheet report, modify the future dates again to the original date.
- If your problem is not solved even after following all these steps, you should delete these transactions and again enter them.
After reading this blog, you must have got accurate information on the QuickBooks Balance Sheet Out of Balance problem. To correctly resolve this balance sheet issue, it is essential to implement these steps in the correct sequence.
For further technical help regarding Balance Sheet Issues, dial +1 800-579-9430 to contact our QB Professionals Team.
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