on my balance sheet, it show my inventory asset balance to be $26,000. If i go into my chart of accounts, the balance is $260,000. The later is correct so obviously something is not setup correctly so it reflects it in the balance sheet. Any ideas??
Let's try some basic troubleshooting steps to figure out why your Balance Sheet doesn't match the register.
It could be that the company's fiscal year is different than the calendar year. This means that both the report and register may not match because the Balance Sheet is run on a calendar year. You can resolve this issue by doing the following:
Option 1: Change the date of the report to match your fiscal year.
Open the Balance Sheet report.
Choose the appropriate Report period.
Click on Runreport.
Option 2: Change your fiscal year to match the calendar year.
Click on the Gear icon and then Account and Settings.
From the left menu, select Advanced.
In the Accounting section, click on the pencil icon.
From First month of income tax year drop-down, choose January.
Choose Save and Done.
Then, try running the Balance Sheet report and compare the amount with your register.