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Balancing the balance sheet in EasyACCT

by Intuit EasyACCT 2023 Updated 7 months ago

The balance sheet is out of balance in EasyACCT. This article will assist you with troubleshooting and resolving this issue.

When the balance sheet is out of balance by an amount other than net income

  • Make sure that each month's General Ledger has been posted. You can do this either by viewing each month (with the automatic posting feature enabled) or by previewing/printing each month's General Ledger report.
    • You must do this one month at a time.
    • Make sure you include any journals that are in use (Payroll Journals, Accounts Receivables and Payables Distribution reports, etc.)
    • Printing the Cumulative General Ledger report doesn't post. You must print the regular General Ledger to post new transactions/edits/deletions, etc.
  • As you repost the transactions, review the General Ledger reports for Account Not Found errors (usually listed at the bottom of the report).
    • If you find an Account Not Found message, note the details of the transaction (the reference number, date, etc).
    • Go to the Enter Transactions screen and find the transaction(s).
    • If the account assigned to the transaction isn't correct, select the correct account number, and then repost the general ledger.
    • If the account assigned is correct, go to Update Company Files > General Ledger Accounts,pull up the account, and verify the account type. 
      • The account type should only be A, L, R or E.  Don't account types P, D, I or C to any transaction.
  • Make sure the combined account (types P, D, I or C) has a corresponding departmental/divisional account  (type A, L, R or E). 
  • For example, if there's account 2300 (which adds all the departments/divisions) there should also be accounts 12300 for department/division 1, 22300 for department/division 2, and so on. 
  • Conversely, the department and divisional accounts must have the combined account (if you have account 25004, there must be combined acct. 5004).

When the balance sheet is out of balance by the amount of net income

  1. Go to Write-Up Processing > Update Company Files and select Financial Statements. Follow the applicable set of steps below before proceeding with step 2.
    • If the default financial statements are used, select Statement Templates and follow the steps below:
      1. Switch to the Income Statement tab.
      2. Make sure the first Revenue account is correct.
        • This should be the very first revenue account ( Type R) listed on the chart of accounts. Make corrections if needed.
      3. Make sure the last Other Income/Expense account is correct.
        • This should be the final expense account ( Type E) on the chart of accounts. Make corrections if needed.
      4. The range between the accounts in step 2 and 3 should include all revenue and expense accounts. Verify this.
    • If customizations are made to the financial statements, select Custom Statements and follow these steps:
      1. Input in the Instruction Number field and press Enter.
      2. Make sure the Beginning Account Number and Ending Account Number fields include all revenue and expense accounts. 
        • If all accounts aren't included in the range, correct the range so it does. 
  2. Go to Write-Up > Print Reports > Miscellaneous Reports and select the Chart of Accounts.
  3. Review the report to make sure that the accounts are arranged in sequential order, assigning the lowest numbers to assets and the highest to expenses. 
    • If the accounts aren't in sequential order, continue with step 4. Otherwise, skip to step 8.
  4. Go to Write-Up > Data Files Utilities and select Del/Renumber Accounts.
  5. Choose the option labeled Select specific accounts to delete or renumber and click Continue.
  6. Highlight an account to renumber and click Renumber.
  7. Enter the New ID and click Continue.
    • Repeat steps 6-7 for each account to renumber.
  8. Go to Write-Up > Update Company Files and choose  General Ledger Accounts.
  9. Check the Account Types of each general ledger account. Make corrections as needed.
    • A: Asset
    • L: Liability and Equity
    • R: Revenue
    • E: Expense
    • P: Combined Asset (Divisional companies only)
    • D: Combined Liability or Equity (Divisional companies only)
    • I: Combined Income (Departmental or Divisional companies only)
    • C: Combined Expense (Departmental or Divisional companies only)

If the above steps don't resolve the issue, apply the steps under step 1 for custom statements, even if Custom Statements aren't being used.


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