Why is my Balance Sheet out of balance?
Here are some guidelines to use to find out why your Balance Sheet is out of Balance:
- Run the same balance sheet, but this time, mark the option to show inactive accounts.
- If this brings the Balance Sheet into Balance, you must find the inactive account which has a balance. One way to do this is to run a trial Balance including inactive history accounts, view it as PDF and use the Find function (CTRL-F) to search for the amount. If you do not find the amount here (because more than one archived account has a balance), you may need to go into Account List including inactive history accounts and click on each archived account to bring up the account balance.
- If this resolves the issue, there is an inactive account that has a balance.
- If you have multiple entities, and option 1 did not resolve the issue, include them all on the balance sheet because there may some entity to entity transactions that throws the balance sheet off; if so, you may want to consider turning on the Due To Due From option.
- Make sure you only have one End-Of-Year Net Asset Account per Entity.