When Your Balance Sheet is Out of Balance…
1. Open Preferences and select Settings. Make sure the GL Reports options are marked to Print Inactive Accounts and to Print $0.00 Balance Accounts. Press OK. Then return to the Balance Sheet routine and preview the report again. If the report is now in balance, note the accounts that now print that did not before. You may need to activate one or more accounts and enter transactions to transfer totals to other accounts.
If still out of balance…
2. Run the Balance Sheet for the previous period to be sure that it still matches the report that was printed at the end of the prior month and that the prior month is still in balance. If the previous period was in balance, the problem is in the current month’s activity. If the previous period’s information has changed, it may be that data was imported that had balancing entries in different periods. While the posting routines within the program prevent posting if out of balance within a period, imported data may bypass those controls.
If the above actions did not locate the problem...
3. Go to the System & Users tab and run Recalculate GL Account Summary. This routine may resolve an out-of-balance problem, and since it runs quickly, is a useful tool to try before spending extensive time trying to locate the cause of a problem. The routine updates the totals in the GL Account Table based on all the transactions for the current fiscal year.
4. Run Trial Balance Summary – If this report is in balance, the problem is with the Chart of Accounts.
a. Print your Chart of Accounts – If there is more than one Type F, LT, or LF account that has the same digits in the Fund segment (e.g. -00), some versions prior to 6.5 did not carry over the balances in the additional fund accounts.
If this has occurred, with the current version now installed, simply re-run the Close Current Year routine for the prior year.
b. Run another Trial Balance Summary, sorting by the Fund segment, and breaking on the first sort. Look for accounts with digits in the fund segment that have Income and/or Expense accounts, but no corresponding Fund account. An LF or LT account will need to be created for those funds.
5. Run Trial Balance Summary – If this report is out of balance, the problem is with data posted to one or more accounts.
a. Change the Date into the previous fiscal year and run the same report. If it is out of balance, continue going back in time until you find a year that is in balance. If you have never been in balance, check your data that was imported or originally entered into Logos Accounting. In most cases, an adjusting entry will need to be made, probably to the General Fund account.
b. When you find the most recent year that is in balance, run a Balance Sheet for Period 13 (or Period 12 if your Fiscal Year settings are not marked to Allow 13th Period adjustments). Then change the date into the next fiscal year. Run a Trial Balance Summary for Period 1 and compare it to the balance sheet. The totals MUST match.
i. If an active Asset, Liability or Fund account in the prior year had a balance, and it had been de-activated or marked as a Title account in the new fiscal year, the Close Current Year routine will not move that balance, resulting in an out-of-balance condition. The routine alerts you and provides a report listing any such problems. If this occurs, either –
Re-activate those accounts in the current year, return to the prior year and run Close Current Year again. Move ahead to each successive year following the same steps. Or –
Return to the prior year, open GL Individual Transactions and make entries moving any such ending balance amounts from the accounts in question into other accounts that will still be active in the new year. Then run Close Current Year again. (The routine will again alert you that those accounts are not active in the new year, but it will show a $0.00 balance for them, so there will not be an out-of-balance condition.) Move ahead to each successive year following the same steps.
ii. If the Balance Sheet and Trial Balance reports are out of balance, go to Preferences > Settings and mark the Print Inactive Accounts check box. If the reports are now in balance, go to System & Users > Miscellaneous Utilities and mark the check box to Enable Beginning Balance in Chart of Accounts. Then open the Define GL Accounts routine and select the inactive account. On the Data Entry tab, highlight the Beginning Balance amount and type Ctrl+X and Tab to “cut” the amount and set it to $0.00. Save the change, then mark the Active check box, return to the Beginning Balance field and type Ctrl+V to copy the amount back into the field. Save the change again. Then repeat for any other similar accounts.
iii. If any inactive accounts do show a balance, and the Balance Sheet and Trial Balance reports are out of balance by that amount when Preferences > Settings is set to Print Inactive Accounts, you can clear those balances. Go to System & Users > Miscellaneous Utilities and mark the check box to Enable Beginning Balance in Chart of Accounts. Then open the Define GL Accounts routine and select the inactive account. On the Data Entry tab, highlight the Beginning Balance amount and delete the amount, setting it to $0.00. Save the change. Then repeat for any other similar accounts.
6. After making these changes, return to the System & Users tab and run Recalculate GL Account Summary. As noted earlier, the routine updates the totals in the GL_Account Table based on all the transactions for the current fiscal year.
7. After everything is in balance, return to the Preferences > Settings tab and unmark the check boxes for Print Inactive and Print $0.00 Balance Accounts. Then run the reports again to be sure you have corrected all issues and are now in balance.
8. Finally, go to the System & Users tab, choose Backup and create a backup of your in-balance data. Save this backup file to a secure location where it can be accessible in the future.