Have you ever faced the problem of difference in the Balance Sheet or QuickBooks Balance Sheet Out of Balance, where the asset side is not in sync with the liability side?
In a balance sheet, the asset and liability side should be equal, if not, then there may be an error somewhere. In case you have stumbled upon the Balance Sheet out- of-balance error in QuickBooks, do not be concerned, we will help you fix this problem and tally the balance sheet.
Why is your QuickBooks Balance Sheet out of balance?
When the balance sheet does not balance in QB, it means there is a contrast in the sum total of assets and liabilities.
As per QuickBooks experts, there can be three possible reasons for the balance sheet being out of balance in QuickBooks:
- User links or adds an incompatible transaction
- The data file is damaged
- Use of multi-currency
How to fix out of balance QuickBooks Balance Sheet?
Here is how you fix the out of balance issue,
Troubleshoot for any kind of data damage
- Determine the data damage problem via the troubleshoot opportunity
- Locate the errors and fix them using the qbwin.log file
- Run the particular balance sheet report and recheck the net balance to determine the difference
- Find what is wrong
Determine the transaction that made QuickBooks balance sheet out of balance
- Track the particular date when the QB Balance Sheet was out of balance, and in the Reports menu, select the Company and Financial and then the Balance sheet Summary.
- Choose Customize Report in the particular dialog box
- Press on the Display tab
- Arrange again the Report Basis (Accrual or Cash) whichever is out of balance
- Select the date when the balance sheet has gone out of balance (year, month, week, and day)
- Create a Custom transaction Detail Report to classify which transaction is responsible for the issue.
Typically, such problems occur when there is a transaction that is entered in the wrong manner like creating checks, paying bills, etc. These types of issues should be immediately dealt with since they can have an adverse impact on the business.
When the balance sheet in QB is out of balance, it gives rise to a number of discrepancies and mismatches in the liabilities and assets section. As a result, a business owner remains entangled in resolving the mismatch and unable to focus his attention on other priorities.
That’s why it is highly recommended to hire the services of a professional to fix your out of sync balance sheet problem in QuickBooks.