Fix Balance Sheet Out of Balance Issue in QuickBooks Desktop

QuickBooks Balance Sheet – QuickBooks has proved to be very helpful and handy accounting software. However, being computer software, it also sometimes pops up with numerous errors. In this blog, we will help you fix the Balance sheet out of Balance issues.

Solutions to Fix Balance Sheet Out of Balance Issue in QuickBooks Desktop

Solution 1: Use basic data damage troubleshooting

1. Access the rebuild and verify data utilities.
2. Reopen the Balance Sheet and check the balances.

Solution 2: Check and fix specific forms of data damage

1. After Condensing data, your balance sheet is out of balance and the JE’s show amounts without associated accounts (applies to the US only).

When you amend the associated account on a payroll item after using it in Paycheck, this type of issue may arise. You need to fix the affected Journal entries before you proceed to fix the issue.

Step 1: Restore your company data file from the backup you created before you condense your data.
Step 2: Make a Transactions List by Date report. Visit the Reports menu, then choose the Accountant & Taxes > Transactions List by Date.
Step 3: Filter the report for Transaction Type: Journal and All Dates.
Step 4: Go down and look for any Journal Entries displaying an amount without an associated account.
Step 5: Double-click on the report entry to open Make General Journal Entries window. To print the entry for reference before you delete it, select the Print icon near the top of the window.
Step 6: From the Edit menu, tap on Delete General Journal.
Step 7: From the Edit menu press New General Journal, and then re-record the journal entry you deleted in the previous step, entering the correct account.
Step 8: Press Save & New, and then repeat Steps 5 through 8 for the other affected Journal Entries.

2. While one column setting displays OUT OF BALANCE the other shows IN BALANCE.

While you view a balance sheet you will notice that total assets will match the total liabilities and equity in a few column views, but not in others.

If you want to resolve this issue, then identify the damaged account and accommodate it into the latest one.

Determine which view of the report data is out of balance:

Step 1: From the Reports menu, select Company & Financial, then QuickBooks Balance Sheet Summary.
Step 2: Choose the Dates drop-down arrow and choose All.
Step 3: Press OK to show the balance sheet.
Step 4: From the Columns, drop-down arrow, select Total only, and note whether Total Assetsmatch Total Liabilities and Equity.
Step 5: From the Columns, drop-down arrow, tap on Year, and note whether Total Assets match Total Liabilities and Equity for all columns on the report.

3. Identify the damaged account.

Step 1: Choose the Reports menu, then Company & Financial and then press Profit & Loss Standard.
Step 2: Enter a date range in the form and to fields that match the column heading you noted in Step 1.e. For example, in case the column heading was a year, you can enter the first and last dates of that fiscal year. In case, the column heading was a month, enter the first and last dates in that month.
Step 3: Tap on OK.
Step 4: Audit the integrity of every account on the report:

1. Write down the amount next to the first account shown in the report.
2. Double-click on the amount to start the Transaction Detail by Account
3. Scroll down on the report and write down the total in the Balance 
   • If you observe that it matches the account total on the Profit & Loss report, proceed.
   • If it does not match the account total on the Profit & Loss report, then write down the account number and proceed.

4. Shut down the Transaction Detail by Account
5. Now, you may repeat Steps 2.d.i through 2.d.iv for every account on the Profit & Loss report to make a list of one or more damaged accounts.
6. Combine the damaged account with the latest one.
7. Your B/S is out of balance on both Accrual and Cash bases.

In case you want to resolve the QuickBooks balance sheet issue, identify and renovate transactions that do not have accounts allotted. Access the following report:

Step 1: Access the Custom Transaction Detail report (Reports > Custom Reports > Transaction Detail)
Step 2: Set the Dates to All.
Step 3: Set the Basis for Cash.
Step 4: Arrange Total by to Account List.
Step 5: Add the Item column.
Step 6: Press OK.
Now go down to the bottom of the report. In case the last few transactions have a heading that says No account, and the column is left blank, then the transactions targets have no accounts allotted to them. Try the following:
Step 7: Begin the Edit Item window for the Item.
Step 8: Amend the Account and tap on OK.
Step 9: Reopen the Edit Item window.
Step 10: Amend the Account back to the original account and choose OK.
Step 11: Repeat Steps 1 – 4 for every transaction on the above report that does not have an account.

In case, you have not been able to resolve QuickBooks Balance Sheet Out of Balance Issue, you can seek help from our experts at QuickBooks Desktop Tech Support Number 1-888-502-0363.