Balance Sheet Totals Not Consistent

[Mike C.]

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.
I
Mike

Charles Day wrote:
> On Tue, Aug 25, 2009 at 6:59 AM, Derek Atkins <warlord at mit.edu> wrote:
>
>   
>> Hi,
>>
>> "Mike C." <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                        PGP key available
>>
>>     
>
> -Charles
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