Business Balance Sheet Issue

coryo

I recently switched from Quicken Deluxe to Quicken Business & Personal for Mac. I set all my existing categories as business income and expenses, and set all my accounts as primarily for business use in their respective settings. Other reports seem to work alright, but for some reason, the Business Balance Sheet report shows wildly incorrect account balances in all assets and liabilities when set to either "Business" or "Personal". When I set the report to "Business and Personal" the balance sheet still shows the same wrong amounts in separate columns for each, but the difference between each column is the correct amount for each asset and liability. It appears the "Business" items are overstated and the the "Personal" items understated by amounts that if combined would be the correct amounts for each item. Any idea why this is happening, and how to fix?

NotSoQuickOne

I just switched for 2026 from Deluxe to Mac and having the same issue. I cleared all my accounts to just one checking account and the timeline to just 12/31/25 and it still shows a giant number = $445K compared to the actual end balance in that account which is about $5k. I have no idea where it could be messing it up.

Quicken Laura

Hi @coryo and @NotSoQuickOne,

Thank you both for bringing this to our attention and for outlining the steps you’ve already taken. I’ll be happy to help you troubleshoot further.

To better understand what may be causing the issue, I have a few questions:

• How were your business categories set up? Did you manually convert them from personal to business? If so, could you describe the steps you followed? Or were they automatically migrated by Quicken?
• Are your business accounts displaying the Business column? If so, is your business name (for example, “My Business”) showing there as expected?
• You mentioned that other reports are showing the correct balance — which specific reports are those?

Your answers will be very helpful. I look forward to your response!

coryo

Hi, @QuickenLaura

I used the migrate tool to set my original categories to business. Each account register's Business column does show the correct business name for all the transactions. The Net Worth report shows mainly the same information as the balance sheet, and those balances are all correct. Among the new business reports, the Business Income Statement also seems to tally transactions properly. Also, I just recently added a couple new bank accounts, and the Business Balance Sheet displays their balances correctly along with the wrong balances for the original accounts.

Btw, but I did chat with Quicken support about six times about this issue, and got consistently terrible support: one time the rep didn't even have access to the same version of Quicken I was using; several other times, they sent me the same search-engine style advice to check settings, one time for the Windows version of Quicken (I had told them I was using Mac). I sent screen shots and did a lengthy screen-share, but was constantly told they "were having high volume" and if I walked away, I was dropped and sent a "cheery" form email saying that if I need more help to start a new chat. Maddening. 😤

Quicken Laura

Hi @coryo,

I’m sorry to hear about your experience with Quicken Support via chat. I appreciate you sharing your feedback, and I will make sure it’s passed along to the appropriate department so improvements can be made.

Thank you as well for providing additional details. To help determine whether we may be dealing with account corruption, I recommend running a Net Worth report.

Please follow these steps:

1. Click Reports.
2. Select Net Worth.
3. Choose the first option, Net Worth.

By default, the report will display your business and personal accounts' year-to-date figures. You can customize the date range, accounts, and categories by selecting Edit in the upper-right corner of the report.

Please let me know how it goes. I’m happy to continue assisting if needed.

coryo

Hi, @QuickenLaura.

As I said in my previous post:

"The Net Worth report shows mainly the same information as the balance sheet, and those balances are all correct."

The reason I upgraded to Business & Personal is because I need the Business Balance Sheet report, which is not showing the correct information, and therefore has a bug that needs to be fixed. If my account was "corrupt" the Net Worth report data would be wrong too.

Quicken Laura

Hi @coryo,

Thank you for coming back. You’re absolutely right, and I appreciate you pointing that out regarding how the net worth report works.

Since the accounts appear to be corrupted, the best next step is to create a new account and move the transactions from the old account into it (essentially performing a manual reset).

Before proceeding, please make sure to create a backup of your Quicken file.

To Create the New Account:

1. Click the Add Account button (the + icon) at the top of the sidebar.
2. On the Add Account screen, scroll to the bottom and select Offline Account.
3. On the Offline Accounts screen, choose the appropriate account type (for example, Checking under Banking).
   • Be sure to select the same account type as the old account.

Enter the Account Details:

• In the Account Name field, enter a name that helps you distinguish the new account.
• Confirm the correct Account Type is selected.
• Enter the account’s start date in the On This Date field.
• Leave the Balance Equals field blank.
• For Primary Use, select Business (if applicable).
• Click Finish.

To Transfer the Transactions:

1. Open the old account register.
2. Click the first transaction.
3. Scroll to the bottom of the register.
4. Hold down Shift, then click the last transaction to highlight all transactions.
5. From the Transactions menu, choose Move Transaction....
6. Click on the Move to account dropdown and select the desired account.
7. Click Move Transaction.

OR

1. Select the transaction account from the left-hand account list to open the register.
2. Right-click on the desired transaction(s) and select Move Transaction....

Once completed, please review the balances and reports to confirm everything appears correct.

Let me know how it goes. I’m happy to continue assisting if needed.

coryo

Hi, @QuickenLaura

It is dawning on me that I am likely either conversing with an AI, or some person who is just using AI to generate responses. 😒

I have no confidence in what you suggest: it sounds like a waste of time and effort for me, not actually fixing the problem. If Quicken does ever correct the bugs in the Business Balance Sheet, please let me know.

Quicken Laura

Hi @coryo,

I’m sorry to hear the suggestion didn’t fully meet your expectations.

Since the new accounts are working properly, it seems the issue is limited to the old accounts, which may not have converted correctly or could have become corrupted during the process. Creating new accounts and moving your information into them will likely resolve the problem.

I would recommend contacting Quicken Support by phone. They can guide you through the steps in real time and, if needed, review your screen with you to better understand the situation. This can often make the process faster, and if an escalation is necessary, they can assist with that as well.

Thank you for your understanding!

coryo

Hi, @QuickenLaura.

Sorry; I am just growing frustrated. Trying to move my old accounts into new accounts gives either a warning about moving downloaded/reconciled transactions; or says that transfers cannot be moved from that account, but must be edited in the source account. But my old accounts have 10+ years of transactions, and contain transfers both ways. I am not interested in losing reconciliations or having to do bunch of transfer repair work, when my old accounts work just fine for everything except the Business Balance Sheet. I'm not convinced the data is corrupted; it seems much more likely that the problem lies with a bug in how the Business Balance Sheet handles migrated transactions.

I am not spending any more time on the phone or chat with Quicken Support. I sent a sanitized datafile with "Report a problem…". Hopefully there is someone who cares who will receive it and fix the issue.

WBC0316

Hi,

I'm having the same issue with the Balance Sheet Report. None of my business accounts are showing the correct balances. Other reports show the correct balances. As the Balance Sheet is a new report, this problem is clearly a software bug that Quicken needs to fix.

Quicken Michael

Hi @coryo , @NotSoQuickOne , and @WBC0316!

There could be a couple of reasons why the balances do not appear as you might expect on the Business Balance Sheet report. I'm going to start with the most likely first.

It sounds like the incorrect balances are primarily from accounts that were created and existed before you upgraded to Classic Business & Personal for Mac. To replicate this I made a new data file where I created two accounts. One called "Personal Checking" and one called "Business Checking”. When I created those accounts, they were both created with the primary use as "Personal". This simulates how those accounts would have been treated when created in Starter, Deluxe, or Premier. Many times when we create these accounts, they aren't brand new with a zero dollar balance. So when creating the account, you put in the current balance of the account and then enter in all the data as needed going forward. So let's take a look at our balance sheet at this moment in time.

You will see that the money for these two accounts are assigned to Personal (no business assigned), not to My Business. If all the money at the opening balance of an account is to be assigned to a business, the fix is easy. Edit the opening balance transaction in the account and assign it to the correct business.

Once we do that, if we go and look in the Business Balance Sheet report, the numbers are now as we expected them.

Additionally, if you mix business and personal in a single account and the business existed in that account before it was added into Quicken, then you would have to know the amount of the opening balance that was assigned to personal and the amount of money that was assigned to a business. So if Business Checking had $1,000 that was to be assigned to Personal and $4,000 assigned to My Business. You would edit the opening balance transaction in the account as a split transaction.

Taking a look at the Business Balance Sheet report, we can now see under Business Checking $1,000 of that is Personal and $4,000 is My Business.

Now that you are on Classic Business & Personal for Mac, when you create a new account and you specify its primary use as a particular business, it will automatically set the business you select as primary use on the opening balance transaction.

However, if you made a mistake and meant to assign it to a different business and change that business in the account settings, just as with personal, the opening transaction assignment is not changed.

You would need to go change the opening balance transaction to be the correct business.

I think that probably covers the most common ways that these balances could be off.

I won't go into much detail, but there is another way that balances could be off. When you have transfers into and out of the account the business assigned, or lack thereof, to those could affect reports as well. So you will want to make sure that the business on transfers on both sides are set correctly. If you are moving money from a business from one account to another, then make sure it is the same business on both sides.

If you were making a distribution to yourself, you would then make sure that one side from your business has the business on it and the other side has no business on it.

Please let us know if this helps with the problems you are having.

Cheers,
Michael