QuickBooks is a leading software in the contemporary era when enterprises are growing in number and are expecting cutting-edge solutions for increasing the productivity and efficiency of their businesses. QuickBooks ranks top in such a category of solutions being designed to tailor to the user’s needs. Notwithstanding, users face complexities when countering various software bugs using QuickBooks in the long run. “QuickBooks Balance Sheet Out of Balance” appears when a user opens a balance sheet, and an error dialogue pops up saying that the ‘balance sheet is out of balance. The QuickBooks Balance Sheet Out of Balance error commonly appears due to the closing date of the company file. In addition, there are other possible grounds on which the error message occurs and the preventive remedies about which you can read in the upcoming posts.
You May Also Read: How to Resolve QuickBooks Error 1603 efficiently
Table of Contents
Causes behind the “QuickBooks Balance Sheet Out of Balance” Error
The main possible reasons why the error message “QuickBooks Balance Sheet Out of Balance” appears are being mentioned as under-
- Some transactions recorded are altering the balance sheet to display a balance sheet out of balance
- The company files data is impaired.
- The balance sheet report is not able to refresh.
- Trouble within the balance sheet report
- The user has opted for assisted payroll service.
We have looked at the various grounds on which the error code “QuickBooks Balance Sheet Out of Balance” occurs. We will explore various solutions to get rid of the error.
Remedies to quick fix the error “QuickBooks Balance Sheet Out of Balance”
Solution-1: Using the Rebuild Data Utility
Rebuild Data Tool helps fix common data errors in the company files.
- Go to ‘Desktop’.
- Right-click on the ‘QuickBooks Desktop’ icon to open.
- Open the Menu, click ‘File’. Go to ‘Utilities’ then ‘Rebuild Data’.
- A window titled ‘QuickBooks Information’ appears. Confirm by clicking ‘OK’ and proceed with steps to save the backup.
- The Rebuild Data utility runs, it may however take some time. Click ‘OK’ when done with it.
- Return to ‘File’ within the menu. Select ‘Utilities’ choose ‘Verify Data’. This will check data within company files.
- Once the diagnosis completes, and displays all okay, confirm the operation by clicking ‘OK’. If an error is diagnosed, click ‘Rebuild Now’ to proceed.
You can visit the link to get a separate article about QuickBooks verify and rebuild data utility.
Solution-2: Open Balance Sheet Report on the Accrual Basis
- Open ‘QuickBooks Desktop’.
- Go to the menu, choose ‘Reports’. Click ‘Company & Financial’ under it. Choose ‘Balance Sheet Summary’.
- Select ‘Customize Report’.
- Click ‘Display’ tab inside it and choose ‘Accrual’ below Report Basis.
- Confirm by clicking ‘OK’.
Solution-3: Locate the Date Displaying the Balance Sheet out of Balance
Finding the various transactions affecting the balance sheet, you need to run a check for the date when the issue occurred.
- Start QuickBooks by right-clicking on the ‘QuickBooks’ icon on the desktop.
- Locate the ‘Reports’ menu. Go to the ‘Company & Financials’, click ‘Balance Sheet Summary’ below.
- Choose ‘Customize Report’ among the options.
- Click tab ‘Display’ under ‘Dates’ drop-down arrow button, choose ‘All’.
- Navigate to ‘Reports Basis’. Select the appropriate option between ‘Accrual’ and ‘Cash’.
- Go to ‘Columns’ inside drop-down ‘Display columns By’. Choose appropriate year within ‘Year’. Confirm by pressing ‘OK’.
- In the Balance sheet, check ‘Total Liabilities & Equity’ and ‘Total Assets’. Verify where the changes begin showing out of balance.
- If you find the year where differences begin to show, go through above steps 1-7 again, the only thing to keep in mind is that choose ‘Month’ instead of Year inside the ‘Display Columns by’ dropdown.
- Repeat steps 1-7, now choose ‘Weeks’ in the ‘Display Columns By’ drop-down.
- Similarly, repeat steps 1-7, choose ‘Days’. Note down the date where it shows out of balance.
Solution-4: Look for Transactions that Lead to Balance Sheet out of Balance
- Open ‘QuickBooks’.
- Click ‘Reports’ Menu, choose ‘Custom Report’ under it, select ‘Transaction
- Detail’ below.
- A window titled ‘Modify Report’ appears on the screen. Locate ‘Report Data Range’ within the window. Key in the date noted down where the balance sheet was out of balance using the fields ‘From’ & ‘To’.
- Navigate to ‘Report Basis’ in the window, select an applicable option between ‘Accrual’ and ‘Cash’.
- Go to ‘Columns’ within the window, untick the checkboxes- ‘Account’, ‘Split’, ‘Clr’, ‘Class’. Choose ‘Amount’ for the readable format of the report. Click ‘Paid Account’ within columns. Confirm by clicking ‘OK’.
- Check whether the balance within the ‘Paid Amount’ is the same as the amount shown out of balance. Go thru all the reports to continue investigating transactions that sum up to the given amount.
Solution-5: Change the Dates of the Transactions
- When the user detects anomalies with balance within certain transactions, you are advised to make changes within dates of transactions. Consider jotting down the original dates. Clear old and add new dates to the transactions by choosing a date 20 years beyond the original ones.
- Confirm the changes by saving each of them.
- Verify by ‘Refreshing’ the report, you shall now have the accurately recorded transactions, the ‘Paid Column’ ought to indicate a ‘zero’ balance.
- Reset the dates of the changed transactions to the default ones that you noted down.
Solution-6: Erase the Transactions and Replace them with Newer Values
If the above solution couldn’t do any good to you, you are required to erase all the problematic transactions and input new values to resolve the issue.
Solution-7: The Report is Unable to Refresh on itself
You are advised to ‘sign out’ of QuickBooks and sign in twice and reattempt opening the file along with the balance sheet report you are trying to run.
If none of the above methods works for you, a user is suggested to run QuickBooks File Doctor within QuickBooks Tool Hub to resolve the error in no time.
You may Also Read: How to resolve QuickBooks error 6150 1006
Conclude…
We now come to the end of our post which was written about the “QuickBooks Balance Sheet Out of Balance’’ that users generally face. Hopefully, we have provided users with the necessary information and tools needed to confront the error and resolve it promptly without any hassles. We desire to resolve all the queries raised by our customers and strive to respond to any relevant inquiries being made through our blog. However, if you still feel there is something left out of the mentioned post, you may call on QuickBooks Technical Helpline Number 1-855-856-0042 for a better resolution.
Erica Watson is writing about accounting and bookkeeping for over 7+ years, making even the difficult technical topics easy to understand. She is skilled at creating content about popular accounting and tax softwares such as QuickBooks, Sage, Xero, Quicken, etc. Erica’s knowledge of such softwares allows her to create articles and guides that are both informative and easy to follow. Her writing builds trust with readers, thanks to her ability to explain things clearly while showing a real understanding of the industry.