The Verify and Rebuild Data utilities developed can quickly help identify and repair data damage in QuickBooks. However, at times, you might get error messages while verifying the data files.
We are going to talk about one such error, which is the QuickBooks Verify Account Balance Failed error. If you are also unable to verify your company file because of it, continue reading. We are going to walk you through different solutions to resolve the error.
Not being able to repair the company file because of errors can lead to serious damage and even permanent data loss. If you do not want to risk your data, contact an expert to help you resolve the verified account balance failed error in QuickBooks.
Solutions to Eliminate QBWin.log: Verify Account Balance Failed Error
As this error indicates corruption in the company data, it is crucial to back up the QuickBooks Company File before troubleshooting to avoid accidental data loss. Once done, proceed with the solutions below in the same order as given.
Case 1:
Error Message: ‘verify: c (###) : CHECKPOINT: ####: Fri Jun xx 07:09:03 Error: Verify Account Balance failed. Account = Inventory Asset. Ref = ##. Home - Calc bal = ###,###.## . List bal = ###,###.##’
Solution: Rebuild the Company File Using QB Rebuild Data Tool
The first thing you should do to resolve the QuickBooks Verify Account Balance Failed error. This is important to run the Rebuild Data tool integrated into QuickBooks.
Step 1: Run the Rebuild Data Tool
- Launch QuickBooks, open the File tab and select Utilities.
- Choose the Rebuild Data option and hit OK when prompted to back up the company file.
NOTE: While rebuilding the company file, you might see the ‘QuickBooks is not responding’ message. You can ignore it as long as you are able to move your cursor on the screen. This is usual, and you must wait until the rebuild process is complete automatically.
- The Rebuild has completed message will confirm that it’s done.
- Tap on OK.
Step 2: Verify the Data Corruption
- Go to the File menu in QuickBooks and select the Verify Data option under the Utilities tab.
- If QuickBooks detects no problem with your data, you can continue using the desktop application without any issues.
However, if the Rebuild Data fails to repair the company data or the QB Verify Account Balance Failed error reappears, follow the next troubleshooting steps in the next section.
Case 2:
Error Message: Error: Verify Account Balance failed. Account = Operating Account. Ref = 90. Home - Calc bal = 205,801.58 . List bal = 205,316.42
Solution 1: Resort the List of Accounts in QuickBooks
In this solution, we will use the list of accounts in QuickBooks to fix any changes made to the accounts.
- Launch QuickBooks and open the List menu in the top menu bar.
- Choose the Chart of Accounts option and hit View.
- Now, click on the Re-sort List option and verify the company data once again using the Verify Data Utility.
- If you still get the same error message or error 61, create a new account and merge it with the account that has been damaged.
Recheck if the QuickBooks Verify Account Balance Failed error has been resolved. If not, follow the next solution.
Solution 2: Install the Latest Updates for QuickBooks Desktop
Installing the latest updates released for QuickBooks Desktop will help get rid of bugs in the program and add the latest security patches and features, which can potentially help resolve the error.
- Update QuickBooks for Windows
- Go to the Help tab in your QuickBooks Program and select the Update QuickBooks Desktop option.
- Next, go to the Update Now tab and select the option that says, Get Updates.
- Restart QuickBooks, and when prompted to install the updates, select Install Now.
- Update QuickBooks for Mac
- Launch QuickBooks and select the Check for QuickBooks Updates option under the QuickBooks menu.
- Choose the Install and Relaunch option.
After successfully installing the updates for QuickBooks, recheck if you can verify the data in QuickBooks without getting the error.
Case 3:
Error Message: Error: Verify Account Balance failed. Calc bal = 0.00, List bal = *overflow
Solution: Fix Negative Quantity On Hand Issue
If you enter the transaction for sales before entering the transaction for purchase, you will get negative inventory in QuickBooks, which needs to be identified and fixed manually. This will resolve the Verify Account Balance Failed error in QuickBooks.
Step 1: Find the Negative Inventory in QuickBooks
- Launch QuickBooks and run the (IVD) Inventory Valuation Detail report.
- To do so, go to the Reports tab, Select Inventory, and choose the Inventory Valuation Detail option.
- Select All from the Dates drop-down menu and find every occurrence of negative amounts in the column for On Hand.
Once you have found all the occurrences of negative amounts in the Valuation Detail report, follow the next step.
Step 2: Fix Negative Inventory
- Change the transaction dates so that bills have dates before the invoices.
- Go to the QuickBooks menu and select the Reports option.
- Move to Inventory and then select the Inventory Valuation Detail option.
- Select All from the Dates drop-down menu, and scroll through the report to find an item with negative amounts in the On Hand column.
- Now, make the required changes to the dates on the invoices and /or bills so that the dates on the bills are before the dates on the invoices. Before making these changes, ensure there will be no legal complications.
- Repeat the third and fourth steps every time you find an item with a negative quantity in the On Hand Column.
NOTE: Adjusting the current QOH to a positive value is not sufficient; to fix the negative quantity on hand issue, you will need to eliminate every negative QOH occurrence.
Wrapping It Up
In this article, we discussed every possible cause of why QuickBooks Verify Account Balance Failed error occurs and solutions that can help get rid of it in different instances. If you find that even after implementing the troubleshooting procedures as they are, you are still not able to verify the company file because of this error, reach out to our team of certified experts.
Frequently Asked Questions
If manually fixing the negative inventory is not possible, you can use our file repair service. We will first check the dates when the quantity on hand (QOH) went negative and other items in the file and fix all instances of negative inventory. After repairing the file, you can run verify the data file without encountering any error messages. You might notice changes in the Inventory Asset account balances and COGS after repairing the file. You will also notice a change in the Opening Balance Equity account that will be used to add adjustments to the inventory. After the repair, your or their bookkeeper will be required to add adjusting journal entries.
Error 61 appears when you verify the data in QuickBooks, whereas the error verifying the account balance is the message that appears in the QBWin.log file after you run the rebuild to fix error 61.
Before backing up the company file, ensure QuickBooks is running in single-user mode. Then, go to File > Back up Company > Create Local Backup > Local Backup and hit Next. Select Browse in the Local Backup Only section and choose the number of backups you want to keep. Finally, click OK > Save it Now and hit Next to save the backup.
Kate is a certified public accountant (CPA) with expertise in various accounting software. She is technically inclined and finds passion in helping businesses and self-employed people carry out bookkeeping, payroll, and taxation without worrying about errors. Every once in a while, Kate loves to travel to far-off places and relax in the lap of nature.