Customer:job reports incorrect

Welcome to the QuickBooks Community, @ericjLBC

I want you to know that helping you is our priority. In the General Ledger report, it shows you the activity in your Chart of Accounts over a specific period. It tracks the assets, liabilities, owner's equity, revenue, and expenses. While Balance Sheet reveals the financial status of business it shows the entity owns, how much company owes, and the amount invested to a business. 

Also, I'll share you the steps to fix when Balance Sheet is out of balance in QuickBooks Desktop:

First, you should make a backup before doing the steps.

Then, run the report on accrual basis:

1. In the Reports menu, click Company & Financial and then Balance Sheet Summary.
2. Choose Customize Report.
3. On the Display tab, hit Accrual under Report Basis.
4. Tick OK.

After that, let's locate the date when the balance sheet went out of balance:

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

Once done, find the transactions that are making your balance sheet out of balance:

1. Go to the Reports menu and click Custom Report and then Transaction Detail.
2. On the Modify Report window, look for the Report Date Range section. Enter the date the report went out of balance in the From and To fields.
3. Go to the Report Basis section. If your balance sheet is out of balance in accrual only, select Accrual. Otherwise, select Cash.
4. In the Columns section, uncheck Account, Split, Clr, and Class. Select Amount. This will make the report easier to read. Select the Paid Amount column.
5. Hit OK.
6. The ending balance in the Paid Amount column should equal the amount that is out of balance. Look through the report to find the transaction or transactions that add up to this amount.

For more details, please refer to this article link: Fix Balance Sheet that's out of balance. 

Moreover, in case you want to customize your reports in QuickBooks Desktop, you can check this article link: Customize reports in QuickBooks Desktop. This includes the steps to add or delete columns, add or remove information on the header/footer, and even personalized the font and style of report. 

Feel free to leave a reply below if you have further questions. I'm always here to help. Stay safe and take care always!

Once you get this figured out I am going to suggest you abandon your current method of tracking by bank subaccount and instead use Class Tracking for each property. Turn it on on preferences. You cannot produce a BS by Class (QBO offers such an animal but it is not accurate). But you can at any time generate a P&L by Class, which can be helpful when filling out schedule E which requires separate p&,l by deed

Thank you for your response and I followed your steps. However, it simply showed me what I already knew. I began this Client in Feb 2020. I collected rents and that records fine. But, as soon as I began to record bank deposits, I realized many of the deposits would credit the amount in Undeposited funds, but the debit would not show up in the bank account. This lack of recordation in the bank account is the exact out of balance amount. I have a screen shot of the exact date it went out of balance if that would help

Hello there, @ericjLBC.

Thanks for following the resolution provided by my peer and sharing its result. Also, the screenshot helped me get a clearer view of what’s happening to the transactions.

Let’s perform another troubleshooting step to fix the issue. Open the Undeposited Funds account and then review the entries.

From there, check which one should be deposited to the right bank account. This is to avoid duplication of deposits and keeps your reports in order.

To deposit:

1. Tap the Banking menu at the top bar to select Make Deposits.
2. In the Payments to Deposit window, mark the boxes of the entries you're working on.
   
3. Hit the OK button.
4. This action will take you to another page where all the transactions are listed.
5. From, there, click the Deposit To drop-down to choose the right account.
   
6. Fill in the field boxes with the appropriate information.
7. Click Save & Close.

For additional resources, let me share the Advanced troubleshooting for balance sheets out of balance guide. It contains steps on how to fix a balance sheet that’s out of balance.

Stay in touch if you have any other concerns or questions about QBDT. I’m always ready to answer them for you. Have a great rest of the day.