When I run the balance sheet as of today, the balance sheet balance is not balanced. I realized that it is the difference of retained earnings. When I click on it, it shows a different number. I looked back last year's balance sheet, there was no problem at all. The net income from last year matches the number from closing entry. The problem showed up on the 1st day of this year and I need to fix it before the year-end closing entry occur. What should I do?
I appreciate you for sharing the details with me, @ky222.
I’m here to share some insights on how to get around this issue.
You’ll want to ensure that the date of your Balance Sheet report is accurate. It could be the date is incorrect, thus, it’s showing the wrong data. See this screenshot for your visual reference.
You can also check this link to learn your ways around in personalsing reports in QuickBooks Dekstop (QBDT).
Also, make sure there are no transactions posted on your retained earnings account. That way, we can guarantee that your account is well recorded. On top this, I recommend reaching out to your accountant for additional guidance in ensuring your account is accurate. They can also help in checking your report and help you fix this.
If you’re not affiliated with one, you can visit our ProAdvisor page and we’ll help you find one from there.
Let me also share this link that you can read to learn on how to combine reports in QBDT: Combine reports from multiple company files.
In case you have other questions in mind, you can always share it with me. I’m always here to listen and lend you a hand. Keep safe and stay healthy.
Allow me to step in and share what report data is on your Balance Sheet report, ky222.
The report date is the period your transactions are recorded in QuickBooks. See the attached screenshot below for your visual guide.
I recommend following the steps provided in this article: Fix a Balance Sheet that's out of balance. It will help find the date when your balance sheet went out of balance.
Stay in touch with me if you need additional information by commenting below. I'll be right here to help manage your Balance Sheet report.
I ran the Balance sheet as of This Fiscal Year- to-date and it is still out of balance. I tried to run a balance sheet detail report and the numbers are balanced. Do you think it is a damage file problem?