If the balance sheet doesn’t balance, you need to find the reason.
- Check account 9999 Settlements of Accounts, this account must always be zero at the end of the day. If there is a balance, review the related transactions and make the necessary corrections.
- If new accounts have been added, make sure they are included in the balance sheet or profit and loss statement. Remember: accounts starting with 1, 2, or 3 belong to the balance sheet and those starting with 4 and above are profit and loss accounts.
- If initial balances were imported from another software, make sure account 3700 Net profit/loss for financial year was not used in that transaction. The balance of this account is calculated automatically based on income and expense accounts, so you should not enter a balance manually.
Instructions for entering initial balances for an active company can be found in the guide Entering initial balances – existing company.
Leave A Comment?