How To Fix QuickBooks Balance Sheet Out Of Balance In Accrual Basis?

QuickBooks balance sheet should always have Total Asset equal to the sum of Total Liabilities and Total Equities. Sometimes you see that your balance sheet is going out of balance due to incorrectly entered or linked transactions, which clearly means that your total assets are not equal to the sum of total liabilities and total equities. Here we have some major points to discuss the concern so now we are going to discuss the solution of QuickBooks Balance Sheet out of balance on the accrual basis. 

3 Reasons for QuickBooks Balance Sheet Out Of Balance

• Your company file data is damaged.
• The transactions you have entered or linked are not compatible.
• You are you use a multi-currency feature.

Important: Testing your Balance Sheet Report 

• Modify the reported total by “Year” and check if your Balance Sheet is back in balance
• Log out of your QuickBooks File and log back in, now check if your Balance Sheet is back in balance
• You should back up your QuickBooks company file before following any troubleshooting steps
• If you are working in a multi-user environment. it may cause damage to your company file and your balance sheet may go out of balance. To resolve this issue, you need to fix your data damage and use the main computer from where you are hosting the file
• Make sure to verify, rebuild and check the QBWIN logs before you proceed

Solutions to Fix QuickBooks Desktop Balance Issue

Solution 1: Troubleshooting for basic data damage

• Fix the data damage problem using the troubleshoot option
• Find the errors and Fix them by exploring the qbwin.log file
• Run the balance sheet report again and then check the Balance (what is the difference amount).
• Try to narrow down the time window to find when exactly it got messed up

Solution 2: Find the transactions due to which QuickBooks balance sheet is out of balance.

Step 1: Track down the date when the Balance Sheet shows out of balance (Narrow down the dates)

• In Reports menu > choose Company & Financial > Balance Sheet Summary
• Select Customize Report in the dialogue box
• Click on Display Tab
• Now rearrange the Report Basis (Cash or Accrual) whatever is out of balance.
• Then choose the date when the balance sheet goes out of balance year. (by year, month, week and day)

Filter by Year

• Select all from the Date drop-down menu
• Now Choose the Year from Display columns
• Then click on OK
• Now compare the Total Assets and Liabilities

Filter by Month

• From the field, mention the year where your balance sheet goes out of balance.
• Now choose Month from the Display columns.
• Then click on OK Button.
• Now compare the Total Assets and Liabilities again

Filter by Week

• Enter the month that is out of balance from the fields.
• Choose Week for the Display columns.
• Choose OK.
• To Find the week where the balance sheet goes out of balance, you have to compare the balance

Filter by Day

• Mention the week that was found out of balance from the From and the field.
• Now Choose the day from Display columns.
• Click on the Ok button.
• To find the day where balance sheet found out of balance, you have to again compare the balance

Step 2: Find the transaction due to which this issue is occurring.

1. Now that you have the date due to which the balance sheet went bad, now you have to create a custom transaction Detail Report to identify the transactions that are responsible for the problem
2. If you are still not able to find the transactions that are not in balance, then you need to run the following reports for the same date:

• • Customer Report
  • Vendor Report
  • Journal Report
  • Other Transactions Report

Usually, these kind issues occur when a transaction has been wrongly entered such as creating checks, paying bills, etc.  If you are still facing QuickBooks balance sheet out of balance issue and looking for tech help, Get in touch with us at QuickBooks Desktop Support Phone Number (Toll-Free) and speak to Certified QuickBooks ProAdvisors.

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