Five Ways to Self-Diagnose Your Balance Sheet (and Know When to Call in a Pro)

If you’re a business owner using QuickBooks Online, chances are you’ve looked at your balance sheet and thought, “Am I doing this right?”

Good news: You don’t need to be a bookkeeper to spot some common signs that it’s time to bring in a professional. Your balance sheet is a snapshot of your business’s financial health—and it can quietly reveal if something isn’t quite right.

Here are five simple ways to self-check your balance sheet in QuickBooks Online:

1. Accounts That Just Don’t Look Right

QuickBooks Online will make sure your balance sheet “balances” in the background—but that doesn’t mean the numbers are accurate. Sometimes accounts show up that feel off—maybe too high, too low, or just confusing.

Quick check: If you see numbers in an account and don’t know how they got there or what they mean, that’s a sign it’s worth reviewing with a pro.

2. Negative Balances in the Wrong Places

It’s normal for some accounts (like credit cards or loans) to show a negative balance. But if you see negative numbers in places like your bank accounts, accounts receivable, or inventory, that usually means something went wrong.

Quick check: Scroll through your balance sheet for red or negative numbers. If they’re in places that should show money you have, not money you owe, that’s a red flag.

3. Old Unpaid Invoices or Bills That Never Go Away

Still seeing unpaid invoices or bills from months (or even years) ago—even though you know they’ve been taken care of?
This is often caused by a payment being applied incorrectly or skipped entirely.

Quick check: In QBO, look at your Accounts Receivable and Accounts Payable. If you see the same customers or vendors listed again and again with old amounts, it’s time for a cleanup.

4. Suspense, Uncategorized, or "Ask My Accountant" Accounts

These placeholder accounts are like QBO’s way of saying, “I wasn’t sure what to do with this, so I parked it here.”
They’re fine temporarily—but if they stick around, your reports could be off.

Quick check: If you see balances in accounts like "Uncategorized Asset", "Ask My Accountant", or "Opening Balance Equity", it’s time to investigate or ask for help.

5. Equity That Feels Like a Mystery

The Equity section is where your contributions, profits, and owner’s draws show up. But if the numbers don’t match your expectations—or you can’t explain what they mean—that's a common sign something isn’t being tracked properly.

Quick check: Ask yourself, Do these equity numbers reflect what I’ve actually put into and taken out of the business? If not, a bookkeeper can help clarify and correct them.

Ready to Hand Off the Headaches?

Bookkeeping might not be your passion—and that’s okay. QuickBooks Online is powerful, but only when set up and maintained correctly.

If these signs sound familiar, don’t wait until tax time stress hits. Message me today for a free evaluation of your books—let’s get things sorted, so you can get back to doing what you love most in your business