Fix an Unbalanced Balance Sheet in QuickBooks
Balance Sheet plays a vital role in not only enticing investors but also in ascertaining the current standard of the company. It divulges the current financial status of your company by providing asset reports, liability reports, equity reports etc. It is very important that in a balance sheet the assets should be equal to the liabilities. Troubleshooting a balance Sheet out of Balance If there is a difference between the sum of the assets and liabilities indicates that you need to balance it. Both report categories – the cash basis and the accrual basis is used in QuickBooks that at times shows a huge difference in the balance sheet.
Troubleshooting a balance Sheet out of Balance
Main Reasons for Balance Sheet Out of Balance in Accrual Basis
There are three main reasons that cause this problem. They are as follows:
- The company data file is damaged.
- There are chances that you have entered or linked transactions that are not compatible.
- You might be using multi-currency in your business.
How to Fix the Issue?
Intuit recommends steps to resolve this issue with a balance sheet that is running out of balance. The most possible reason for the discrepancy in accrual basis balance sheet is an income or expense account with an account balance that has no transactions added up to the balance. Follow the below recommended multiple step process. The steps involve:
- Computing the Difference Amount that is Out of Balance in the Balance Sheet:
- Go to Reports -> Company & Financial -> Balance Sheet Standard
- Estimate the exact amount your balance sheet is out of balance
- Click at Modify Report
- Set Dates to All
- Report Basis to Accrual
- Detecting the Issue in the Account
- Go to File -> Utilities -> Exports -> List to IIF Files
- Click on Chart of Accounts -> Clock Ok
- Open the IIF file in MS Excel
- Scroll along the list of numbers to locate the out-of-balance amount calculated earlier
- Verify Account Identification:
- Open QuickBooks -> Chart of Accounts
- Find the account
- Click to generate a Quick report
- Set all the dates
- If no transactions are there the process of recommendation is successful
- Run Rebuild Data Utility:
- Go to Files -> Utilities -> Rebuild Data
If these steps fail to fix the issue then immediately connect with the QuickBooks customer support team by the QuickBooks Technical . The team is approachable and easy resolution steps are offered by highly competent and knowledgeable team. They also offer support through email and online chat. They assure complete resolution services round the clock.
You have the option to connect with reliable QuickBooks Consulting Companies that houses experienced QuickBooks professionals who are capable and efficient in offering support and error resolution services. First call resolution is assured by the in house team. Connect with them by dialing the toll free number + contact and availing excellent support services.