Why doesn't my Balance Sheet balance?

UPDATE (1/9/2018):

It has come to our attention that some QuickBooks Online accounts may have an issue with their Retained Earning account which causes the Balance Sheet to not balance. The issue is caused when a user runs the Balance Sheet report across multiple periods including years and months. We are in communication with QuickBooks regarding this issue and will update this post once it is resolved. 

QBO has published an article on how to resolve this issue here

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The typical reason for a Balance Sheet not balancing is due to the misclassification or due to an unclassified account in Bookvalu. 

It is a good idea to review each Account Classification within Bookvalu to make sure that a QuickBooks account is being classified correctly. We have done our best to make sure that accounts are automatically classified correctly. There are however times where some classifications may be incorrect and need to be re-classified. 

There are usually one or two tags listed after each account in the Accounts Classification section as shown below. This of these two tags as hints based on the way your QuickBooks Online accounts are listed in your Chart of Accounts.

 

 

If something doesn't look as though it is classified correctly, double-check your Chart of Accounts to make sure that it is correctly classified in QuickBooks Online itself.

To do so, log in to your QuickBooks Online account and open up the Chart of Accounts. From there, specifically, review the "Type" and "Detail Type" fields to ensure they make sense.

 

Chart_of_Accounts.png

 

If you have any issues or have further questions, contact Support.

 

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