CNA L&P - Balance Sheet: Why is my Balance Sheet Out of Balance?

Why is my Balance Sheet out of balance?

Here are some guidelines to use to find out why your Balance Sheet is out of Balance: 

  1. Run the same balance sheet, but this time, mark the option to show inactive accounts.
    • If this brings the Balance Sheet into Balance, you must find the inactive account which has a balance. One way to do this is to run a trial Balance including inactive history accounts, view it as PDF and use the Find function (CTRL-F) to search for the amount. If you do not find the amount here (because more than one archived account has a balance), you may need to go into Account List including inactive history accounts and click on each archived account to bring up the account balance.
    • If this resolves the issue, there is an inactive account that has a balance.
  2. If you have multiple entities, and option 1 did not resolve the issue, include them all on the balance sheet because there may some entity to entity transactions that throws the balance sheet off; if so, you may want to consider turning on the Due To Due From option.
  3. Make sure you only have one End-Of-Year Net Asset Account per Entity.

 

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