On your Balance Sheet, your entire assets should equal your total liabilities. If they don’t, we can assist in determining what needs to be done.

Balance sheet reports may be challenging. Before you go any further, it’s a good idea to seek assistance from your bookkeeper or accountant. We can assist you find an accountant if you don’t already have one.

Important: Before continuing, make a backup of your transactions in case you need to alter them to remedy the problem.

Run the report on an accrual basis first.

Run the report in accrual basis if you haven’t previously.

Select Company & Financial from the Reports menu, then Balance Sheet Summary.

Select the Customize Report option.

Select Accrual under Report Basis on the Display tab.

Choose OK.

If your accrual balance sheet is out of balance, you need first rebuild your company file. Continue to step 2 if it’s out of balance just on a monetary basis, or if it’s still out of balance after a rebuild.

Make a note of whether your balance sheet is out of balance on an accrual basis simply or on both a cash and accrual basis. This will be required in the next steps.

Step 2: Determine when your balance sheet became unbalanced.

Determine the date that this report got out of balance to find the transaction or transactions that are causing the issue.

Select Company & Financials from the Reports menu, then Balance Sheet Summary.

Select the Customize Report option.

Select All from the Dates option on the Display tab.

To get started, go to the Report Basis section. Select Accrual if your balance sheet is out of balance in accrual alone. If not, go with Cash.

Select Year from the Display columns by dropdown in the Columns section.

Choose OK.

Comparing Total Assets to Total Liabilities and Equity is a good way to start. Determine when your balance sheet becomes unbalanced.

Once you’ve found the year, repeat the process to get the precise day.

through 6 should be repeated. Select Month from the Display columns by dropdown this time.

Repeat steps 1 through 6 after you’ve found the month. Select Week now.

Finally, after you’ve located the week, repeat the processes. Choose Day this time.

Continue to step 3 now that you know when your report became unbalanced.

Determine which transactions are causing your balance sheet to be unbalanced.

For the date you noted, run a Custom Transaction Detail report.

Select Custom Report and then Transaction Detail from the Reports menu.

Look for the Report Date Range section in the Modify Report box. In the From and to fields, type the date the report became unbalanced.

To get started, go to the Report Basis section. Select Accrual if your balance sheet is out of balance in accrual alone. If not, go with Cash.

Uncheck Account, Split, Clr, and Class in the Columns section. Choose a dollar amount. This will make it simpler to read the report. Choose the Paid Amount column from the drop-down menu.

Choose OK.

The Paid Amount column’s ending balance should match the amount that is out of balance. Look through the report for the transaction(s) that total this amount.

Continue to Advanced troubleshooting for Balance Sheet difficulties if you can’t discover the transactions.

Revise the transactions’ dates.

Change the dates on the transactions that are creating the issue once you’ve identified them. Make a mental note of their most recent dates. Then, on each transaction, change the date to a day 20 years in the future.

Each transaction should be saved.

If you located the proper transactions, the Paid Amount column will now be 0 when you refresh the report.

Locate the transactions that were dated in the future and re-date them to the original date.

This re-dating phase re-links the transactions and allows them to be repaired.

Continue to the following step if this doesn’t work.

Delete the transactions and re-enter them.

If altering the dates on the transaction or transactions doesn’t help, remove and reinsert them.

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