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Leah
Level 2

How do I fix an out of balance account? The balance of the credit card on the balance sheet shows a $57.07 balance, but in the reconciliation, it is reconciled to $0.

I have pinpointed a transaction for this amount from Nov 2020, but in reviewing the original expense posting, it looks correct. We are no longer using this credit card, so the final reconciliation should be zeros in the reconciliation and balance sheet. However the balance sheet shows this small balance.

1 Comment 1
JoesemM
Moderator

How do I fix an out of balance account? The balance of the credit card on the balance sheet shows a $57.07 balance, but in the reconciliation, it is reconciled to $0.

Thank you for joining the Community, @ Leah. Allow me to help share additional ways to determine why the balance sheet report doesn't match your reconciliation.

 

Your reports don’t match since they are two different reports. The Balance Sheet is a report that summarizes the balance of your business. Included in this report are your company’s assets, liabilities, and equity. Your bank accounts are included as your assets.

 

On the other hand, the Reconciliation Report only shows the balance of a specific bank account that you reconciled. Moreover, it shows your reconciliation for a specific period.

 

Also, If your company's fiscal year is different than the calendar year, the amounts on both the report and the register may not match because the Balance Sheet is run on a calendar year. 

 

To fix this, I recommend changing the date of the report to match your fiscal year or the calendar year. Let me show you how:

 

  1. From the left menu, select Reports.
  2. In the search bar, search for and open the Balance Sheet report.
  3. Select Customize.
  4. Choose the appropriate Report period.
  5. Select Run Report.

To change your fiscal year on the company file:

 

  1. Select the Gear icon on the Toolbar, then Account and Settings (or Company Settings).
  2. From the left menu, select Advanced.
  3. In the Accounting section, select the edit (pencil) icon.
  4. From the First month of income tax year drop-down, choose January.
  5. Select Save and Done.

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Here's an article for more information on how to match the balance sheet with the register. (Proceed to the link that says Why doesn't my Balance Sheet match my register?): Basic troubleshooting for balance sheets.

 

For future reference, I suggest visiting this website: QuickBooks Online (QBO) Tutorials. This link contains step-by-step videos about effectively managing your QBO account, reports, income, expenses, banking, and inventory. 

 

If you have any other questions or concerns, feel free to reach out below. Thank you for your time and have a nice day.