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Evo-ERP and DBA Classic >> Accounting >> Balance sheet out of balance from one-sided entry
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Message started by JereC on 02/23/16 at 11:23:28

Title: Balance sheet out of balance from one-sided entry
Post by JereC on 02/23/16 at 11:23:28

For several years our balance sheet has been out of balance by $217.32. In order to correct it is it really needs a one sided entry per our accountant. WE would like this entry to go away so the we are in balance. Can I delete this entry in the maintain data base BKGLCOA?

Jere'

Title: Re: Balance sheet out of balance from one-sided en
Post by Lynn_Pantic on 02/23/16 at 16:06:44

No. The first thing to check and see if the transaction detail is in fact out of balance. Is the trial balance (GL-E, all accounts, beginning and ending balances) in balance or is it off byt he same amount?

Title: Re: Balance sheet out of balance from one-sided en
Post by JereC on 02/24/16 at 11:59:50

The trial balance is in balance for that account; however the balance sheet is out of balance.

Jere'

Title: Re: Balance sheet out of balance from one-sided en
Post by Lynn_Pantic on 02/24/16 at 13:39:30

The trial balance can't be in balance for a single account. You need to run for all accounts, beginning and ending balance and the beginning balance should be 0, debits and credits for the time frame equal and ending balance zero.