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Level 2

Unbalanced Balance Sheet

We are taking over an account.


Upon review of end of year BS..the AR and AP where negative. We fixed (we hope) by applying credits, creating invoices and giving discounts to ARs that will no longer be paid

When we run the  BS, we are balance in ACCRUAL but not balance in Cash basis. But the negative AR and AP in cash basis has been cleared. What did we do wrong?

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QuickBooks Team
QuickBooks Team

Unbalanced Balance Sheet

Let me help you fix your balance sheet when it’s out of balance in QuickBooks, linajanehayden.


To fix the out of balance on a Cash basis, we can try repairing your company file using the Rebuild Data tool first. Just follow the steps and details in this article: Fix data damage on your QuickBooks Desktop company file.


Once done, find the transactions causing the problem by locating the date on when it was out of balance.


Here's how:


  1. Go to the Reports on the top menu.
  2. Select Company & Financials and tick Balance Sheet Summary.
  3. Tap the Customize Report button. 
  4. Click the Display tab and choose All from the Dates drop-down menu. 
  5. Go to the Report Basis section and choose Cash.
  6. Select Year in the in the Display columns by drop-down menu. 
  7. Press OK.

Then, compare your Total Assets to Total Liabilities & Equity to find when you out of balance for Cash basis. 


Once done, proceed to Step 3 and Step 5 in this article to finish the process: Fix a Balance Sheet that's out of balance.


To learn more about troubleshooting Balance sheet report, check out this article: Balance Sheet Report out of balance - Recurring.


I have a link here that provides you with articles about managing your reports:


Keep me posted if you need a hand with reconciling your accounts or any QuickBooks related. I'm always here to help. Take care always. 

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