Balance Sheet Errors - Long Term Liabilities

Good afternoon, @bookeeping1011. 

Welcome to the Community! 

Your total assets should match your total liabilities on your Balance Sheet. If they don’t, we can help figure out how to fix it.

In addition, balance sheet reports can be tricky. It’s a good idea to ask your bookkeeper or accountant for help before you continue. If you don’t have one, we can help you find an accountant.

Before doing any of the actions below, please be sure to make a backup of your company file. 

1. Run the report in accrual basis.
2. Find the date when your balance sheet went out of balance.
3. Find the transactions that are making your balance sheet out of balance
4. Re-date the transactions
5. Delete and reenter the transactions. 

For more details on how to do these steps properly, check out this guide: Fix a Balance Sheet that's out of balance. 

I hope this helps! Feel free to reach back out if you have any other questions or concerns. Take care!