PSA L&P - Reports: Why is my Statement of Financial Position out of balance

Why is my Statement of Financial Position out of balance?

  1. Run the Statement of Financial Position (SOFP)for the same period you noted you were out of balance, but this time, mark the option to show inactive accounts.
    • If checking the option brings the report in balance, you must find the inactive account which has a balance.
      • One way to find inactive accounts is to run the Trial Balance Report checking the include inactive history accounts checkbox, view the report as a PDF and use the Find function (CTRL-F) to search for the amount you were out of balance.
      • If you have more than one archived account, you may need to run the Account List including inactive history accounts.  You can click on each archived account to bring up the account balance.
    • If you are able to find inactive accounts that are causing the out of balance condition, you must make the account(s) active and transfer the balance to another account before marking the account(s) as inactive.
  2. If you have multiple entities, and option 1 did not resolve the issue, run a SOFP and include all entities. There may some entity to entity transactions that cause Statements for individual entities to be out of balance.

If you cannot find the difference, you may want to consider turning on the Due To Due From option.

Also make sure you have a net asset account defined, only one End-Of-Year Net Asset Account per Entity is permitted.

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