I am using QuickBooks Premier, 2006 Contractor Edition, to keep the books for a small contracting company.
The trial balance shows an item under "no accnt" of $154 and the balance sheet is out of balance by this same amount.
I have gone through the routine in QuickBooks Knowledge Base 107815 to fix a "balance sheet out of balance" condition and determined that this condition occurred on January 8, but the Custom Transaction Detail Report shows zero imbalance for that date. It also shows an inventory adjustment made on that date which matches the dollar amount of the imbalance.
It may be helpful to know that We originally planned to track inventory in QuickBooks, but after we had entered dozens of inventory items we decided not to track inventory after all. Rather than reenter all that data, we exported the item list to Excel, made the changes required to make all of them non-inventory there, imported the list back to QB, and turned off the inventory option. This, however, happened well after the January 8 date when the imbalance appeared.
I have tried turning the inventory option back on and then reversing the inventory adjustment, but I get an error message saying that one of the items has no account associated with it. However, the item list shows no such problem.
I'm not as interested in knowing how this happened as I am in getting rid of the imbalance. It looks bad for the balance sheet to be out of balance, even though the amount is trivial compared to, for instance, total sales. Any help I can get would be greatly appreciated.
Thanks, Craig