How can I fix my system when it is out of balance? How do I locate the problem?
- Your software system should prompt you at start up if it is out of balance. This can also be tested manually by going to File, End of Day, Test System Balances.
- When your system if out of balance, you can continue to work, but should not put off finding the source of the problem for too long. It is better to correct an issue while the recent events are fresh in your memory, than search for it at a later date.
- While in the Test System Balances Screen, each column should have an “OK” at the bottom of it, if in balance. Check “View Multiple Days” (top left of screen) to see when the system went out of balance. After you locate when the system went out of balance, you can search by amount in Query, Query Amount. Search beginning a day prior to and through the discrepancy date to look for receipts or journal entries with missing accounts, etc
3. Tip: When Assets/Liabilities are out of balance, 99% of the time a beginning balance has been changed after the fiscal year has begun. Run a balance sheet and look at the Total Assets line.
- Two things: either a beginning balance has been changed or a wrong account type has been entered (i.e. put income or asset as liability)
- If Accounts Payable is out of balance -> system writes checks in AP-Check Run, leaving phantoms in AP. Usually a result of adding a beginning balance after the fact.