I'm using Premier 2018 Desktop and recently used the condense utility through 12/31/13. Yesterday I discovered that my Inventory and Retained Earnings accounts are off. Alot. Over $3 million and it's affecting every year, not just the condensed years. So now I've investigated and found that I probably shouldn't have condensed anyway since I use inventory items so my file size probably didn't get any smaller, but I still have this balance problem. Here's my question, is this going to be an ongoing problem or can I make journal entries to fix the balances. OR should I go back to my archived file and re-enter everything that I've done since the day I condensed and never use the condense tool again?
Hey there, SIGMA03.
Condensing your company file removes transaction detail and list entries in QuickBooks. Let me help you sort things out to correct your account balance.
You can do an adjustment to correct the balance of your account using the journal entries. However, the assistance of an accountant is a must to help and guide on which account to debit and credit. Your accountant can provide more expert ways of dealing with this situation.
To record journal entry:
I'm leaving you some articles that you may find interesting:
For additional help, you can also reach out to our QuickBooks Desktop Support.
Should you require more information regarding condensing your data, you can always leave a reply below to ping me out.
Thanks for the response, but I am an accountant and I know how to do all of those things. The problem is that this shouldn't have happened and I need to know if it's fixable. Each year the inventory balance is off a different amount so it's not only affecting the years I condensed, it's affecting each year after that.
I can add more insights about fixing your balances, @SIGMA03.
You can either create a journal entry or restore the old company file and re-run the Condense tool. However, make sure to select the transaction summation and inventory preferences you want.
Here are the steps on how to restore a backup copy:
You can check this link for more details about restoring a backup file.
Next, here's how to run the Condense Data Utility:
That should guide you through out the steps, @SIGMA03. Let me know the outcome or if you have follow-up concerns. I'm still here to help you further.