Balance Sheet and Classes

Hello there, @shannaswood.

I'll help you make sure your Balance Sheet gets corrected to keep your financial data accurate in QuickBooks Desktop (QBDT).

Your total assets should match your total liabilities on your Balance Sheet. To fix any discrepancies in your report, you'll have to edit the transactions causing the issue. Before doing so, I encourage you to make a backup for future use. 

Whenever you're ready, you can start by running your Balance Sheet report on an accrual basis. Here's how:

1. From the Reports menu, select Company & Financial and then Balance Sheet Summary.
2. Select Customize Report.
3. On the Display tab, select Accrual under Report Basis.
4. Select OK.

If your balance sheet is out of balance on an accrual basis, you should rebuild your company file first. If it's out of balance on a cash basis only, or if it's still out of balance after a rebuild, continue troubleshooting by performing the recommended steps in this article starting Step 2: Fix a Balance Sheet that's out of balance.

Moreover, here's an article that can guide you in some ways to narrow down the transaction or transactions that causes your balance sheet to go out of balance: Advanced troubleshooting for balance sheets out of balance.

Also, you may want to check out this article as your reference to learn more about how QuickBooks generates reports and see the complete list of available ones in QBDT: Understand reports.

Please feel free to leave a comment below if you have other reporting concerns or questions about managing transactions in QBDT. I'm always ready to help. Take care, and I wish you continued success, @shannaswood.

I apologize if I was not clear on my question, My balance sheet was in balance, I am not going to rebuild anything I came on here for help.  I was in balance and I removed the intercompany by classes as stated in my question and now my balance sheet is out of balance. I would appreciate some help in this question, it has my CPA stumped others I have asked.  IT is a quirk in Quickbooks, which I have worked with since 2000, so I think I know it but this has me confused as to why when I remove my intercompany in JE's my balance sheet goes out of the balance that exact amount.

@shannaswood, I'm delighted you've returned to the thread. We appreciate you giving us more details regarding your balance sheet report. Please allow me to join the conversation and provide clarifications.

The header and the detail of each transaction are divided into two sections (except for journal entries). The header portions of the transactions, in which asset, liability, and equity accounts are chosen, are pulled in by the Balance Sheet by Class report.

The report is incorrect when classes are used because transactions are tied to the detail section. Entering all associated transactions as General Journal Entries and designating a class for each line item will fix this.

Visit this article for further information on how to correct an unbalanced balance sheet in QuickBooks Desktop: How to Fix QuickBooks Balance Sheet Out of Balance Error?

To obtain information from the transaction's detail side, you may also run the Profit and Loss report and modify it by class. Then, customize it by adding information and memorize it to save your modification preferences.

The Community is always eager to serve you at any hour of the day, shannaswood. Thus, we'd be happy to provide you with the data you require. Just hit the reply button below or make another post in the community forum. Be careful.

Again, not the question, I need answered.  I have called Quickbooks and done Chat.  I seriously need help with this question, what you are saying if anything was unclassified. On either of my reports I have none.  Does anyone have any help with this matter.

I am removing my Intercompany through JE's I balanced before I entered the JE's to remove the intercompany which the (L) and (A) balanced as well.  Once I removed my interecompany.  I am out of balance on my balance sheet the difference of the (L) and (A) for that location.  The Balance Sheet has no Intercompany listed because of the JE's but I am out of balance the exact amount between the (L) and (A) for each location.