• No results found

Out of Balance Statement of Financial Position or Balance Sheet. Methods to solve an out of balance situation

N/A
N/A
Protected

Academic year: 2021

Share "Out of Balance Statement of Financial Position or Balance Sheet. Methods to solve an out of balance situation"

Copied!
7
0
0

Loading.... (view fulltext now)

Full text

(1)

HandiLedger

Out of Balance Statement of

Financial Position or Balance

Sheet

Out of Balance Statement of Financial Position or

Balance Sheet

An out of balance situation can be caused by a number of issues. This articles sets out some of the methods you can try and use to resolve it.

Methods to solve an out of balance situation

Search for out of balance transactions:

1. From the Tools menu, click Fix Transactions.

2. On the Fix Transactions window, click OK.

3. Fix any out of balance transactions.

Verify accounts:

(2)

2. On the Verify transactions window, select Recalculate Balances and then click

Start.

3. Click Close when Verify is completed.

Note: This option recalculates all account balances, using the entries posted to each account and removes balances for consolidated entities.

Searching for the amount using the Trouble Shooting report:

1. From the Reports menu, click Trouble Shooting.

2. In the Trouble Shooting window, insert the out of balance amount in the Search field.

3. Using the information in the Trouble Shooting report, try and fix the out of balance situation.

(3)

Re index the data files:

1. From the Tools menu, click Rebuild Database files.

2. On the Rebuild Database Files window, select all the options under Selected Entity Data.

3. On the right hand side of the window click Reindex.

Re-roll prior years' financials, as they may be corrupted:

1. Select the entity in the out of balance year, from the View menu, select

Transactions.

2. Look for a "Y" in the Opening column, highlight the entry and click Delete. (The entry is computer generated, and will recreate itself when you roll over later in the process).

(4)

3. From the Entity menu, select Prior Years Accounts to go back to the prior year.

4. From the Entity menu, select Open Closed Year and OK to Accounting reopened.

5. From the View menu, select Transactions.

6. Look for a "Y" in the Closing column, highlight the entry and click Delete. (The opening of the closed year should have deleted all computer generated closing entries and this step is to double check that no other closing entries are still in the system).

7. From the Tools menu select Verify Accounts.

8. On the Verify Accounts window, click Start.

9. On completion of the verification process, run a set of accounts and check that they are in order.

10. Close the year off and roll forward in the normal manner. (Warning: If you have new depreciation schedules and budget forecasts you will not want to overwrite them in the rollover process).

Posting to control accounts

Where an account has sub accounts, you may have posted entries to the control account and these will need to be rectified. e.g. if you have posted to sub accounts 1510.01 and 1510.02 you cannot post any entries to 1510 as this is now a designated control account.

Members, Partners and Beneficiaries years not correct

Where you have members, partners and beneficiaries, from the View menu, click

Members, Partners and Beneficiaries.

Ensure you have all the years set up for them even if they received a nil distribution in any particular year.

(5)

Replace the Account Range Table, which may be corrupted:

1. From the View menu, click Chart of Accounts.

2. On the Chart of Accounts window, click Tools.

3. On the Select a Process window, select View Account Range Table.

4. On the Alias Account Names window, click Purge, and Yes to removing all alias names.

(6)

5. Click Yes to reading a new Alias table, and Close the windows.

6. From the Tools menu select Verify Accounts.

7. On the Verify Accounts window, click Start.

8. On completion of the verification process, run a set of accounts and check that they are in order.

Old DOS style Chart of Accounts may exist for entity

The entity may have an old DOS chart of accounts which needs to be updated to a Windows chart of account. (Please refer to the HandiLedger User Manual for the steps)

Opening Style transaction may have revenue or expense items

Check that you have not created an entry with an "Opening" style, which contains income and / or expense account codes.

Incorrect stock accounts used

The use of account codes in relation to Opening Stock, Closing Stock and Stock on Hand is very strict. Each Opening Stock account code will have a corresponding Closing Stock and Stock on Hand account code. If the wrong account code is used, problems will be experienced when rolling the client into the next financial year.

When recording closing stock, we recommend that you record closing stock details using the Closing Stock Details window, as this ensures that you use the correct account codes.

1. From the Input menu, click Closing Stock Values.

2. On the Closing Stock Values window, click the relevant tab relating to Manufacturing, Trading or Livestock and complete and Save the details.

(7)

Notes:

 You must enter each period in ascending order.

 For more information on Stock and Livestock please refer to the relevant chapter in the HandiLedger User Manual.

References

Related documents

[r]

Account management fee: free of charge Account closing balance fee: EUR 2,50 / year Account closing balance fee - KNAX, axxess & Fit4Future: free of charge

The fourth chapter of Math Mammoth Grade 4-A Complete Worktext includes time, temperature, length, weight, and volume related lessons.. The focus on fourth grade is no longer

Bearing in mind the treatment of LBT’s claim initially provided for by LBHI in its first Chapter 11 plan of April 2010 (wherein LBT’s claim was allowed for 50% as a non-senior

Except for Cash Advances and Balance Transfers, you don't pay interest on Charges if, every month, you pay the Closing Balance shown on the monthly statement in full by the

The few dateable Tagaung pieces like images of the Buddha and votive tablets were consequently used in a circular argument to attribute other surface finds to the Bagan period..

Section 18, Article VII of the Constitution grants the President, as Commander-in-Chief, a “sequence” of graduated powers. From the most to the least benign, these are: the