This problem does happen every once in a while. You enter transactions, you go through the motions, and then you run a month end report just to see that your balance sheet is unbalanced.
What causes this issue? Majority of the time it is because you have a corrupted transaction. While this might sound intimidating, the solutions are easy to follow.
The first thing you should do is rebuild the file. Open your QuickBooks program. Click on File>Utilities>Rebuild Data. This should fix the problem.
If it doesn't work the next solution is to try to search for the amount that you are off. This isn't the most likely solution, but it doesn't hurt to try.
If there are multiple issues causing the problem, you'll need to dig deeper into your accounts by following theses steps:
- Pull your Balance Sheet report for All Dates then select month for Columns.
- Find the first month that the report does not balance.
- Change the dates to that month and select Day for Columns to find out what day does not balance.
- Create a Custom Transaction Detail report for that day.
- Total the report by Account.
- Identify the issue.
- Delete the transaction, then re-enter it.
- You're done!