You can fix issues causing your balance sheet in QuickBooks Online to show incorrect totals by reviewing the transactions, Ahludia.
This matter can be due to missing or duplicated transactions, unrecorded invoice payments, multi-currency adjustments, or errors in categorizing transactions. Historical transaction changes can also cause discrepancies.
To troubleshoot, open each account in the balance sheet report and review its related transactions. Narrow the date range from year-to-date (YTD) down to specific months and days until you identify the exact transaction causing the issue. Once identified, resolve the transaction to correct the balance.
Next, check if your balance sheet matches your account history. If your company’s financial year is different from the calendar year, the report may show incorrect amounts. To fix this, you can adjust the balance sheets date range. Here's how:
- Go to Reports and search for the Balance Sheet report.
- Change the Report period to match your financial year.
After that, update the Financial Year in your Company settings:
- Go to Settings, select Account and settings, then choose Advanced.
- Edit the Accounting section to set the First month of tax year to January.
You can also use the Audit Log on the gear icon under TOOLS to identify deleted or edited transactions. If you're using multi-currency, check exchange rates and ensure adjustments are applied to foreign accounts. On top of that, you can confirm it in your Chart of Accounts if the transactions are categorized properly.
It's also worth noting to reconcile your bank accounts regularly to ensure all transactions are accurately recorded and matched.
Once everything is settled, you can export your balance sheet for reports or audits, ensuring you have financial data documented for future reference.
If you have further questions or needs assistance, don't hesitate to reach out. The Community space is open 24/7.
