The financial statement of the company is called the Balance Sheet. It summarizes and provides you with information about your income, expenditure liabilities and assets in both customized and whole form. The balance sheet is a medium of getting and analyzing the core strengths of any organization.
The Balance Sheet Majorly Comprises of These 5 Main Parts:
- Current Assets
- Fixed Assets
- Due Credits after a Year
For accurate analysis and prediction of your company’s profit and loss, it is of utmost importance for your balance sheets to be error-free. However, since a large amount of data is involved balance sheet issues in Sage accounting software do occur, which, if not corrected timely, can lead to an incorrect prediction of your company’s financial health.
Here are some of the Balance Sheet Issues in Sage
If you are preparing Sage 50 Balance Sheet, these are balance sheet issues in Sage that you may face with your balance sheet:
- Incorrect Retained Account Earning Balance.
- Different Accounts Balance in two consecutive years (last day of last and first day of the current fiscal year.)
- Retained Earnings with information on the closed
- Fragmentation of Retained Earning Account in a different
Steps to Fix Sage Balance Sheet Issues:
Follow the steps that we are mentioning below fix the balance sheet issues in Sage without any problem.
- Check for the transactions if they are damaged or not.
- Now, select forms and reports and then select General Ledger
- Now, go to the General Ledger report.
- Select Options and then click on change Time Frame. (Apply settings to all)
- Select OK.
If the error message still pops up, you need to close the General Ledger Report and the Error Message:
- Click on a Report or Form.
- Select File and then select the Data Verification.
- Now, click on both tests and then click on Start.
- Once the backup is saved, it will automatically initiate the test.
- Now, wait until it finishes the Data Verification process and then check the account balance.
- You will now see the balanced general ledger.
Other Integrity Checks
If you see General Ledger out of balance or Incorrect General Ledger balance, it is very important that you run an integrity check. To do so:
- Close Sage 50 on all the workstations.
- Now, select Tasks, click on the System and then click on the Change Account Period.
- Click on the Period 01 and then select OK.
- Now, click on Help and then click on the Customer Service and Support and then click on the Integrity Check.
- Run Journal Synchronization/Chart of Accounts test.
- Now, General Ledger will show the balance, verify it.
If it Still Shows Incorrect Account Balance Then
- Click on the Integrity Check
- Now, click on the Journal Balance box and then select OK.
- Now, click on Continue to access Integrity Check
- Open the General Ledger Balance Box and then click on OK.
- Now, you will see balance in General Ledger
The issue Has Now Been Sorted
To know more or to get our assistance for balance sheet issues in Sage, you need to get in touch with our Sage Support Team via Official Email Address firstname.lastname@example.org or via our Sage Toll-Free Helpline Number ✆+1-800-961-6588