Brandon, MB -- (SBWIRE) -- 08/27/2019 -- A balance sheet is a statement of the assets, liabilities, and equity of a business-- a glimpse of your business value at a specific point in time.

According to accounting experts, it is imperative to maintain a correct balance sheet with assets equalling to the liabilities combined with the equity.Red flags are raised when you find a difference between the total assets and the sum of the liabilities and equity. It is possible to have either the accrual basis or the cash basis that are imbalanced. But in some instances, both report types display a discrepancy in your balance sheet.

According to John Rocha, QuickBooks Pro's Technical Services Manager, this could be due to data damage. "If you pulled up a balance sheet for "all dates" where everything is balanced while "this fiscal year" gives you an out-of-balance report, it is most likely due to transaction damage.

Another reason could be incorrectly linked or entered transactions. Although some transactions appear to be entered correctly, they can cause the Cash Basis to be out of balance. Using credit memos for returned inventories, discounts for jobs, and general journal entries that offset other transactions, could be the issue. Such entries need to be located and corrected manually to fix the issue.

Thirdly, when in multi-currency mode, the exchange rate of the payment is different from the exchange rate from when the invoice was created and this would normally result in the gain or loss not properly reflecting in the balance sheet.

If Basic data damage troubleshooting such as re-sorting lists and rebuilding the file do not correct the issue, you would have tofind the date when the report went out of balance and locate the transaction.

As part of QuickBooks Repair Pro's data service repair solutions is the 'Balance Sheet out of Balance' error recovery. For more information on the service, visit https://quickbooksrepairpro.com/Quickbooks-Balance-Sheet-out-of-Balance.aspx

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