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janardan-2ndinni
Level 1

In balance sheet report. total of assets and total of liabilities doesn't match. pls let me know the reason

Total of Assets and Total of Liabilities don't match
1 Comment 1
TirzahC
QuickBooks Team

In balance sheet report. total of assets and total of liabilities doesn't match. pls let me know the reason

I understand that you need to fix the balance sheet issue you encountered , janardan-2ndinni. 

 

The value of the assets should always equal the combined value of the liabilities and equity (Equity = Assets - Liabilities). If your Balance Sheet isn't balancing correctly, you can troubleshoot the issue:

 

  1. Select each account on the report to see the transactions related to the balance of each account.
  2. You can start running the date range down by starting from year to date (YTD), and narrowing it down each month until you have the date range narrowed to the day that the balance sheet goes off.
  3. From there, you can start to figure out what transaction is causing the balance sheet to be off and resolve the issue.

 

For further assistance and to ensure you'll account the transactions accurately, I recommend consulting your accountant.

 

To know how to fix an Accounts Receivable balance on a cash basis Balance Sheet, see this article: Resolve A/R or A/P balances on a cash basis Balance Sheet

 

You can also open the topics from this link for Basic Troubleshooting for balance sheets: FAQ: Basic troubleshooting for balance sheets

 

If you need further assistance don't hesitate to post a reply. The Community will be happy to assist you. Keep safe and have a good one!