Sometimes due to unwanted errors, Sage 50’s balance sheet cannot match the ledgers. To maintain a balance sheet, an organization must keep track of its liabilities, assets and profits and losses over time. Using software tools like Sage 50, Sage users can easily manage such activities but many times there can be some issues.
When creating a balance sheet, accounting errors can occur due to the large amount of data involved. If these errors are not corrected promptly, the financial health of your company can be misjudged. But you don’t need to worry. Today, in this blog we are going to tell you how you can simply fix Sage 50 balance sheets out of balance.
Sage 50 Balance Sheet Out of Balance: Why?
If your Sage 50 balance sheets are out of balance, you’ll have to do some troubleshooting. This Sage error can be caused by a number of factors:
- Transactions that have been harmed.
- The account types have changed.
- A bank account should not have any balance at all.
- Custom report that has been tainted.
- Subordinate firms that are out of balance.
- Account segments are being filtered out of the General Ledger Trial Balance.
- In a custom report, there is a missing general ledger account.
Statements From Sage 50 That aren’t Balanced
When preparing a Balance sheet in Sage 50 Accounting, you may run into the following issues.
- A mistake has been made in the account balance for Retained Earnings.
- It is not uncommon for accounts to have different balances from one fiscal year to another.
- The account for retained earnings was not closed out.
- There was a transfer of funds from the Retained Earnings account to a different account.
How to Correct an Out-of-Balance Sage 50 Balance Sheet
By following the steps outlined below, you can resolve balance sheet issues with Sage 50 Accounting:
Examine the Transaction Errors to See if they Have Been Corrupted.
- Select General Ledger under Reports and Forms.
- From the drop-down menu that appears, select the General Ledger report.
- To change the time frame, go to Options and select All.
- To confirm your selection, click OK.
- If you receive an error message, close it as well as the General Ledger report.
- Select either a report or a form.
- Then, select Data Verification from the File menu.
- Choose both tests and click the Start button.
- Make a backup of your information.
- When this is complete, the tests will automatically begin.
- Once the Data Verification process has been completed, examine the results.
- The general ledger should now be balanced.
- The account’s general is now in current balance.
If the general ledger balance is still incorrect or out of balance, a general ledger integrity check must be performed. As a result of the foregoing,
- All other users should exit Sage 50.
- Then, from the System section, go to Tasks and select Change Accounting Period.
- After selecting the period 01 option, click OK.
- After that, select Help, Customer Helpdesk and Service and Integrity Check.
- Sync the Chart of Accounts and the Journal.
- Check the balances of your accounts to ensure they are correct.
However, if the Account Balance is Still Incorrect, Then you Should Contact us.
Go to Integrity Check and do following:
- Click on the Journal Balances checkbox and then click on OK to confirm your selection.
- Integrity Check is now available.
- After clicking OK, select the G/L Balances checkbox and click OK again.
- Check the account balances to make sure they are correct. There should be a balance in the General Ledger at this point.
I hope you’ll be able to easily fix Sage 50 balance sheets that are out of balance after implementing all of the solutions provided above. If your balance sheet is still not correct, you can try rebooting your system and then attempting to test the integrity or performing the same troubleshooting steps to resolve the error.
You may contact our well-versed staff of specialists whenever you have a problem. To get connected and learn more, Simply you may contact our trained professionals for help.