Balance Sheet Totals Not Consistent

[Charles Day]

On Wed, Aug 26, 2009 at 1:53 PM, Mike C. <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> <warlord at mit.edu> wrote:
>
>
>
>  Hi,
>
> "Mike C." <mtcarr2 at verizon.net> <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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