Desktop correction for transaction

Hi there, MakingCentsBookkeeping.

I can share some information about fixing your balance sheet when it’s out of balance in QuickBooks Desktop.

Before doing so, create a backup copy of your company file to ensure you have the original data. You can restore it in case of accidental loss or damage.

Once done, let's find the date when your balance sheet went out of balance. I'll show you how: 

1. Go to the Reports menu and then select Company & Financials. 
2. Choose Balance Sheet Summary.
3. Select Customize Report.
4. On the Display tab, select All on the Dates drop-down menu.
5. Go to the Report Basis section and then select Cash.
6. In the Columns section, select Year from the Display columns by the drop-down menu.
7. Click OK.
8. Compare your Total Assets to Total Liabilities & Equity. Find when your balance sheet goes out of balance.

Once you find the year, follow the same steps to narrow down the exact date.

1. Repeat steps 1 through 6 above. This time, from the Display columns by drop-down menu, select Month.
2. After you find the month, follow steps 1 through 6 again. Now, select Week.
3. And finally, once you find the week, repeat the steps. This time, select Day.

Here's an article you can refer to for the proceeding Step 3: Fix a Balance Sheet that's out of balance.

Additionally, I've added these articles that'll help you personalize and memorize your financial reports. This way, you can easily access them in the future:

• Customize Reports in QuickBooks Desktop
• Create, Access, and Modify Memorized Reports

I'm just around the corner to help if you have any other concerns about managing your balance sheet. Feel free to post again here. Have a good one. 

Thank you, I am heading over there shortly to try these corrections.

I am still needing some help, so I have tried everything you listed. The Balance Sheet is still out of balance. I know the exact transaction. The account is a current liability, I know that account needs to be decreased. However any corresponding account will still keep me off balance. I have literally tried everything I know... do you have any additional suggestions?

Hi there, @MakingCentsBookkeeping.

I'm very excited to share a few alternative solutions and details on how to fix balance sheet out of balance in QuickBooks Desktop.

We can identify the specific transaction that threw the balance sheet out of balance, by narrowing it down to a customer's report. Before going through the steps below, Let's ensure to have created a backup of your company file for future use.

Here's how to run customer's report:

1. Go to the Reports menu, select Custom Reports, and choose Transaction Detail.
2. The Modify Report window opens automatically. If it doesn't, you can select Customize Report, then go to the Display tab.
3. On the Display tab:
   1. Set the Report Basis to Accrual or Cash.
   2. Set the From and To fields to the day the Balance Sheet goes out of balance.
   3. Set Total by to Customer.
4. Go to the Filter tab, then:
   1. Select Transaction Type from the On the Filters list, 
   2. From the Transaction Type drop-down, select Multiple Transactions, then mark Invoice, Credit Memo, and Payment.
   3. Select OK.

You can also run Vendor reports, Journal reports, and other transactions to see if there are discrepancies. I've got this helpful article for your reference: Advanced troubleshooting for balance sheets out of balance.

Furthermore, I recommend getting and assistance with your accountants to resolve this financial report issue. 

I'm also adding these resources you can check for an additional guide on your future tasks in QBDT:

• Understand reports.
• Customize reports in QuickBooks Desktop.

I want to make sure you have the solutions to the Balance Sheet puzzle, and I'll be here if you require any additional assistance. Enjoy your day!

Thank you,

I will try these options this evening and if I need further assistance I will let you know.

Okay, so I have narrowed down the exact transaction. And I have tried everything I know to correct. The transaction is off in the current liability section. There was a deposit on 9/15/2018 that was deleted in 2022, I followed the audit trail. The transaction it self was originally one deposit, when they tried to correct they entered part of the original deposit as two separate transactions. On the register side it is listed as two separate transactions totaling the original deposit. However, on the liability side of the transactions the original transaction is listed as one transaction as the original amount and additionally the second transaction is listed leaving the liability causing the balance sheet to be off. So basically part of the original transaction is listed twice on the liability side and only once on the checking account. Therefore any journal entries I try does not correct the offage. Any advise you may have would be welcome.

Thank you 

Allow me to chime in and assist you in solving this, MakingCentsBookkeeping.

I appreciate the additional details you provided to help me identify the issues currently root cause. I'll outline further steps to correct it.

Incorrectly entered transactions are among the most frequent causes of balance sheet go out of balance. Let's try to re-date or change the date of the reentered transaction to a day 20 years in the future since you were able to identify the transactions that were causing the balance sheet to be off.

Once done, save each transactions and refresh the report. If changing the dates doesn't resolve the issue, you should delete and reenter the transaction exactly the same as the original one deposit. Then, you can perform a mini or special reconciliation if the deleted transaction has been reconciled before. For a detailed guide, see this article: Reconcile previously deleted and re-entered checking or credit card transactions.

If the problem persists, I recommend contacting our QuickBooks Desktop Support. They have the tools to perform a screen sharing to help you further with the fix.

Additionally, use our reconciliation guide if you ever need assistance reconciling your accounts: Reconcile an account in QuickBooks Desktop.

We're always here to help you if you need anything else. Just add a comment below. Take care.