The Easy Guide to Fix QuickBooks Balance Sheet out of Balance Error
With QuickBooks’ help, users can track their financial profits and manage payroll. Users record all the payments and transactions in the balance sheet, which at the end shows Total Asset equal to the sum of Total Liabilities and Total Equities. QuickBooks balance sheet out of balance error appears when Total Asset does not match with the sum of liabilities and equities. This happens due to incorrect transactions in the balance sheet. Read the blog until the end to understand the correct troubleshooting procedure to fix balance sheet issues in QuickBooks.
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Steps to Troubleshoot balance sheet issues in QuickBooks
The process to troubleshoot this error include editing transactions, so we suggest creating a backup before you proceed:
1. Open QuickBooks, choose the File menu, and select Switch to Single-user Mode option.
2. Click the File menu, select Backup Company and then choose Create Local Backup.
3. From the Create Backup window, click Local Backup and then Next.
4. Go to the Local Backup Only section, click Browse and choose a location to save your backup file.
5. Click the OK and Save it now button once you are ready.
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Step 1. Make use of Accrual basis to run the report
1. Open QuickBooks, go to the Reports menu, and choose Company & Financial.
2. Select Balance Sheet Summary and then the Customize Report option.
3. Click the Display tab, choose Accrual under Report Basis, and click OK.
If the balance sheet is out on accrual basis, proceed to the next step and rebuild your company file.
Step 2. Run the Rebuild Data tool to fix the balance sheet issue
1. Select the File menu, then Utilities, and click Rebuild Data.
2. When the QuickBooks Information window opens, click OK.
3. Wait till the tool repairs the file and click OK once it finishes.
4. Choose the File menu, select Utilities, and click Verify Data. It will check the file again for data issues.
5. If QuickBooks finds damage, click Rebuild Now. If QuickBooks doesn’t see any issue, click OK.
Problem continues even after rebuilding the company file, proceed to the next step.
Step 3. Track down the correct date where the balance sheet went out
1. From the Reports menu, click Company & Financials and select Balance Sheet Summary.
2. Click Customize Report and proceed to the Display tab.
3. Scroll the Dates drop-down and click All.
4. From the Report Basis section, click Accrual if the balance sheet is out in accrual.
5. If the balance sheet is out on a Cash basis, click Cash.
6. Move to the Columns section, choose Year from the Display columns by dropdown and click OK.
7. Compare Total Assets with Total Liabilities & Equity and look where the balance sheet went out.
8. Go back to the Display columns by dropdown and choose Month.
9. After finding the month, choose Week from the Display column dropdown.
10. Next, follow the same process to find the Week, then Day, and then Date.
11. Once you find the date, find the transaction where the balance sheet went out, delete it, and then re-enter.
That’s it. These were the basic and most effective troubleshooting steps to fix the QuickBooks balance sheet out of balance issue. We hope you find them helpful. If you still need any help, dial +1 800-579-9430 and talk.