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K
KM402
October 20, 2022
Question

Cash Balance Sheets Issues

  • October 20, 2022
  • 1 reply
  • 11 views

I followed along this instructions but I have so so much transactions that are off - what can I do?
And see my report - how can I locate the issue transaction?

1 reply

MichelleBh
MichelleBh
Level 8
October 20, 2022

I appreciate you for following our article and providing a screenshot, @KM402.

 

I'll walk you through other troubleshooting steps to help find the specific transactions that may be causing the discrepancies. This way, your Balance Sheet will resolve as soon as possible. 

 

Have you attempted to run the Custom Transaction Detail, Vendor, and Journal report? If not, I'd recommend opening them one at a time. This way, you can narrow down the transactions causing your balance sheet to be out of balance. 

 

Here's how: 

 

  1. Go to the Reports menu on the upper right hand. 
  2. Select Custom Reports and Accountant and Taxes one at a time. 
  3. Choose the report mentioned above. 
  4. Click the Customize report button and filter the appropriate fields. 
  5. Review the data thoroughly. 

 

To learn more about customization, check out this link: Customize reports in QuickBooks Desktop.

 

Additionally, you can visit this article to find out the common issues that can throw a balance sheet out of balance: 

 

If you still can't figure it out, I'd recommend contacting an accountant. To correct the balance, you may need to edit or delete transactions. They can assist you in reviewing your books and locating the transaction that may be causing the discrepancies. If you don't have one, click here to get one: Find an accountant.

 

Moreover, in QuickBooks, damaged users and roles caused the balance sheet to be out of balance. To resolve this, try deleting and redefining users and roles. Additionally, ensure that Retained Earnings are not a sub-account. This would result in an out-of-balance balance sheet.

 

Furthermore, check out this article below on how to manage a chart of accounts and reports in QuickBooks: 

 

 

You can reply to this thread anytime if you have follow-up questions or other Quickbooks concerns. I'm happy to provide a solution. Keep safe always. 

K
KM402Author
October 25, 2022

I'm sorry but the reply does not help me - 
My question was, as below, please see the original attachment - 


"I followed along this instructions but I have so so much transactions that are off - what can I do?
And see my report - how can I locate the issue transaction?"

I narrowed down on the Balance sheet to find the date I have the issue, and found it in the FIRST MONTH of my 4 Year QB File. After fixing that single transaction, more dates in the First Month were wrong, And I can't yet know how many more dates are having issues - Will I need to re-enter 50% of my transactions to have my Balance Sheet Match?
Moreover the transactions did not show any indication as to why it's wrong - it was entered correctly and somehow QB read it wrong. And I had to re-enter these transactions, which caused me so-much headache (re-applying bills & payments, re-reconciling Bank Accounts etc.)!
And I only have this issue with my Cash-Balance Sheet and not my Accrual!

Please Advise, 

L
lin_jcaj
Level 9
October 25, 2022

I've got other steps to fix your Cash Balance Sheet issues, KM402.

 

You'll have to run reports one at a time to narrow down the transactions causing your balance sheet to go out of balance. Once you find them, you'll need to re-date them to 20 years in the future. And if the issue continues, you can try deleting and re-entering them into the system.

 

Run a Customer Report:

 

  1. Go to the Reports menu, select Custom Reports, then Transaction Detail.
  2. The Modify Report window opens automatically. If it doesn't, choose the Customize Report and go to the Display tab.
  3. On the Display tab:
    1. Set the Report Basis to Accrual.
    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. On the Filters list, select Transaction Type.
    2. From the Transaction Type drop-down, select Multiple Transactions, then mark Invoice, Credit Memo, and Payment.
    3. Select OK.
  • If the total is the amount by which the Balance Sheet went out of balance on this date: Find the customer who has a non-zero (positive or negative) sub-total. This customer has damaged transactions.
  • If the total is non-zero (positive or negative) and not the amount by which the Balance Sheet went out of balance on this date: Add other transactions to the Transaction Type filter such as Journal Entries and Checks.

 

Run a Vendor report:

 

  1. Go to the Reports menu, select Custom Reports, then Transaction Detail.
  2. The Modify Report window opens automatically. If it doesn't, select Customize Report and go to the Display tab.
  3. On the Display tab:
    1. Set the Report Basis to Accrual.
    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. On the Filters list, select Transaction Type.
    2. From the Transaction Type drop-down, select Multiple Transactions, then mark Bill, Bill Credit, and Bill Payment.
    3. Select OK.
  • If the total is the amount by which the Balance Sheet went out of balance on this date: Find the vendor who has a non-zero (positive or negative) sub-total. This vendor has damaged transactions.
  • If the total is non-zero (positive or negative) and not the amount by which the balance sheet went out of balance on this date: Add other transactions to the Transaction Type filter such as Journal Entries.

 

For more details, I recommend following the steps in this article to resolve the balance: Advanced Troubleshooting for Balance Sheet out of balance.

 

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

 

Keep me posted if you need more help managing reports in QuickBooks. I'll be around to help.

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