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Balance Sheet: Incorrect account balances after converting from Quicken

QuickBooks Balance Sheet report shows incorrect account balances after converting from Quicken.

Why this is happening

This is caused by a Quicken transaction that was created with two or more balance sheet type accounts (asset or liability) and at least one category (income or expense account).

How to fix it

To resolve this issue you must fix the issue in the Quicken file and convert the file to QuickBooks again:

  1. Open the original Quicken data file in Quicken.
  2. Select the Quicken Tools menu and select Account List. Each account balance will be displayed on the list.
  3. Select the account that does not match the QuickBooks Balance Sheet report amount. This should be an asset account.
  4. Double-click the account to display the register.
  5. Scroll through the register and insert a blank line at the top of each transaction that shows two balance sheet accounts (asset or liability) followed by a category (income or expense) amount.
  6. Select the Quicken Reports menu and select Business > Balance Sheet.
  7. Verify that the Quicken Balance Sheet report is accurate and save it for comparison with a QuickBooks Balance Sheet report after conversion.
  8. Close the Quicken file and start QuickBooks.
  9. Convert the Quicken data again.

If this solution does not resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free, or you can contact a technical support agent for additional guidance. Fees may apply.

KB ID# SLN40312
9/19/2014 8:53:50 PM
PPRDQSSWS405 9102 Pro 2013 fbef1c