This manual explains the key points to verify when there is a difference or mismatch in balance amounts. Follow the steps below to identify possible causes and ensure data accuracy.
Check whether the month-end closing period has been properly closed without any errors. If there are warnings, it means the month-end is not done accurately. If errors occur during the month-end closing process, they may result in inconsistencies within the reported balances.
Refer to the link for a detailed explanation on resolving discrepancies - Checklist for correct closing the financial year and Errors of month-end closing.
Compare the data across key reports such as the Trial Balance and Statement of Accounts.
Ensure that there are no red values, missing figures, or incorrect entries in these reports.
Discrepancies between these reports may indicate issues in postings or data synchronization.
Action:
Open both the Trial Balance and Statement of Accounts reports for the same period.
Check for any red-highlighted amounts or system alerts.
Investigate and correct the source entries if inconsistencies are found.
Review the Trial Balance to ensure that account 0000000 (Service) does not have any remaining balance. This account generally serves as a temporary holding account during data import or when entering opening balances. Suppose an amount is still recorded under this account. In that case, it indicates that it was not properly included in the Opening Balances Entering document, which may cause discrepancies in the overall balance.
To fix this, open the Trial Balance and locate account 0000000 (Service). Verify whether any balance remains. If an amount exists, determine its source and correctly enter it through the Opening Balances Entering document to maintain accurate totals. For additional guidance on this account, refer to the link: Explanation- Service Account
