Balance Sheet Totals Not Consistent

[Mike C.]

I am not familiar with using the Trial Balance report but when using the 
Price Source of "most recent" or "nearest in time" the Trial Balance 
shows one number at the bottom for credit and debit which I assume means 
it balances.  When the default Price Source- "Average Cost" is used the 
debit and credit columns do not agree.
Mike

Charles Day wrote:
> On Wed, Aug 26, 2009 at 1:53 PM, Mike C. <subscribe307 at verizon.net 
> <mailto:subscribe307 at verizon.net>> wrote:
>
>     Thanks for everyone's suggestions.  I solved the problem that was
>     a combination of errors.
>
>        1.   The difference between the Income Statement Net Income and
>           the Balance Sheet Retained Earnings was because I apparently
>           had made a couple of corrections to income and expenses for
>           2008 after the accounts were closed on that date.  Rerunning
>           the closing fixed that problem.
>        2. The problem of  the Balance Sheet Total Assets not equal to
>           the Total  Liabilities and Equity had 2 parts.  When you run
>           the Balance Sheet Report it defaults to "Average Cost" for
>           the Price Source.  This makes the totals not equal
>           apparently because the retained earnings uses a different
>           average cost than assets.  Setting the Price Source to
>           "Nearest in Time" solves this problem.  My other problem was
>           that 2 scheduled interest income transactions had been
>           entered twice.  I don't think I entered them wrong but if I
>           did that shouldn't have caused a difference in totals. The
>           error between the totals was many times that of the extra
>           income transactions but deleting the duplicates solved the
>           problem. The extra interest entries totaled $1500 but that
>           and the Price Source caused Assets to be overstated by
>           $50125 and Liabilities & Equity to be overstated by $1000. 
>           You can see that I was disappointed in loosing $50,000.
>
>     Item 1 is certainly my error but item 2 appears to be a bug in the
>     program.  At the least the default Price Source should be selected
>     so that the Balance Sheet totals are correct.  I hope when the new
>     version 2.4 is released it will address these problems.
>
>
> Does your trial balance report actually balance?
>  
>
>
>     Mike
>
>
> -Charles
>  
>
>
>     Charles Day wrote:
>>     On Tue, Aug 25, 2009 at 6:59 AM, Derek Atkins <warlord at mit.edu> <mailto:warlord at mit.edu> wrote:
>>
>>       
>>>     Hi,
>>>
>>>     "Mike C." <mtcarr2 at verizon.net> <mailto:mtcarr2 at verizon.net> writes:
>>>
>>>         
>>>>     I have a problem with the balance sheet totals that I can't isolate.
>>>>     The Total Assets does not equal the Total Liabilities and Equity.  I
>>>>     have a large number of investment asset, income, and expense accounts
>>>>     so it is difficult to find where the problem is.  The difference
>>>>     between the Net Income on the Income Statement and the Retained
>>>>     Earnings on the Balance Sheet is about $1000 but the difference
>>>>     between Total Assets and Total Liabilities and Equity is about $20,000
>>>>     on the Balance Sheet.  I have tried using both the default accounts
>>>>     and selected all accounts with the same answer.
>>>>     It seems that the program should make these lines equal on the balance
>>>>     sheet independent of whether the inputs are correct or not so I don't
>>>>     understand how the problem happens.
>>>>     I am using version 2.2.9 on Windows XP.
>>>>     Any suggestions on how to resolve this issue would be appreciated.
>>>>           
>>>     Most likely you made investment sales and didn't calculate the Capital
>>>     Gains.  You'll need to track down those transactions and account for them.
>>>
>>>         
>>     That's what I was thinking too. Mike, run a trial balance report and see if
>>     it balances.
>>
>>       
>>>>     Thanks,
>>>>     Mike
>>>>           
>>>     -derek
>>>
>>>     --
>>>           Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>>>           Member, MIT Student Information Processing Board  (SIPB)
>>>           URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
>>>           warlord at MIT.EDU <mailto:warlord at MIT.EDU>                        PGP key available
>>>
>>>         
>>     -Charles
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