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Why does my balance sheet always show a difference between assets and liabilities after home currency adjustments?
I have found that one or two credit memos create a discrepancy between debit and credit, which seems like a bug. I need to backup and rebuild the data to delete the incorrect credit memo and create the correct one, which takes a long time.
Could someone help fix this issue? It recurs each month. Please!
Hello, Bambi. I recognize the importance of maintaining the accuracy of financial reports, and I'm here to help resolve this problem for you.
When you adjust your home currency, it won't cause the difference between your assets and liabilities; it simply revalues their monetary worth. Although individual item values may change, the business's overall value and net worth should remain the same.
To fix the discrepancy between your assets and liabilities in the Balance Sheet report, you can update your QuickBooks Desktop (QBDT) to the latest version and use the QBDT Tool Hub. This will grant you access to new improvements and help resolve common QBDT issues. I can walk you through the steps.
Here's how to update QBDT:
Check to see if you have the latest release
- Open QBDT.
- Press F2 or Ctrl+1 to open the Product Information window.
- Review your current version and release.
- Check if you have the latest release available for your QBDT version:
- QuickBooks 2024 R7_47
- QuickBooks 2023 R13_25
- QuickBooks 2022 R16_27
Install the update
QB will automatically download updates as soon as they become available. Once the update is downloaded, a message saying Update available will appear on the top right corner of the status bar. The next step is to install the update. The update will install automatically if you close the program and keep your system/PC turned on.
If you prefer to install the update manually, here's how you can do it:
- Click Update available then choose Install now.
- Wait until the update is installed.
- Once done, open QBDT.
For more detailed information, visit this article: Update QuickBooks Desktop to the latest release.
After that, follow these steps to use the QBDT Tool Hub:
- Close QB.
- Download the most recent version (1.6.0.5) of the QB Tool Hub. Save the file in an easily accessible location.
- Open the file you downloaded (QuickBooksToolHub.exe).
- Follow the on-screen instructions to install and agree to the terms and conditions.
- Once the installation is complete, double-click the icon on your desktop to open the tool hub.
Now, you can utilize the tools within it. For more guidance, refer to Step 2 of this article: Fix common problems and errors with the QuickBooks Desktop Tool Hub.
If you still experience the same problem, I suggest reaching out to our support team for further investigation.
We're committed to helping ensure your financial reporting needs are met. Feel free to reach out to us again if you have any other QBDT-related concerns. We're here to assist in any way we can. Take care.
