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Why does the Balance Sheet for individual class does not balance?

I have an entity on QB Online Plus with mutliple classes with their individual PNL and Balance Sheet but when I try to run the Balance Sheet for each individual class, they do not balance. However, the net income on the Balance Sheet matches exactly to the PNL for that class. Kindly explain.
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QuickBooks Team

Re: Why does the Balance Sheet for individual class does not balance?

Hello there, @Ami1.

 

There are several possible reasons your Balance Sheet by Class and Profit & Loss by Class report were not showing balance.

  • Balance Sheet summarizes data at a specific point in time and Profit and Loss summarizes data just for the selected period.
  • The dates or bases of the reports do not match or the filters are set incorrectly.
  • The Fiscal Year preference is not set properly.
  • Unapplied Payments

To fix these, let's do the following troubleshooting steps:

  1. Ensure the parameters are the same
    • Make sure that both reports have the same Dates, Basis and Filters.
  2. Check the Fiscal Year
  3. Run both reports for all dates.
    • Dates = All
    • Report Basis = Accrual or Cash
    • Display columns by = Year

For additional insights, you may check out these articles:

Lastly, a screenshot of your Balance Sheet and Profit & Loss report  showing an unbalance net income in would be very helpful.

 

Keep in touch with me if you have other questions about running Balance Sheet report in QuickBooks. I'm always here to help.