How to Fix Balance Sheet Issues Sage 50?

Undoubtedly, Sage 50 simplifies all accounting tasks of small and mid-sized businesses. But there are times when user come across several errors or bugs that can definitely appear as a barrier to the smooth running of business. A balance sheet is a document that lists all of your company’s liabilities, assets, profits, and losses. Every company needs to maintain track of its finances. The account balance at the end of the year doesn’t match, according to a Sage 50 account out of balance error. Your accounts can’t be cancelled when this error happens because your closing balances don’t match. In the below write-up, we’ll guide you how to easily tackle Balance Sheet Issues Sage 50.

Table of Contents

Why Doesn’t my Sage Trail Balance in Sage 50?

We know that the balance sheet in Sage 50 is represented by three elements based on its mathematical formula. First, the owner’s equity must equal the sum of Liabilities minus Assets. It is known that the Sage Balance sheet does not balance if the two sides do not add up in the accounting.

What Causes Sage’s Balance Sheet to Be Out of Balance?

At the end of the year, the assets of the account balance on the balance sheet appear to be incorrect. In Sage 50, this scenario is referred to as the Balance sheet out of balance issue.

Root Causes of Balance Sheet Issues Sage 50?

There are number of reasons that could lead to Balance Sheet Issues Sage 50.

The below listed are few reasons that can help you to identify this issue:

Erroneous transactions
Associated custom report’s general ledger account is incomplete, incorrect, or damaged
Balance on the account shouldn’t be zero
Damaged custom reports
If the account’s type has been modified
Unbalanced subsidiary businesses
Sorting the general ledger trail balance for certain account parts.

Common Balance Sheet Issues Sage 50

Check out the typical issues you could encounter when using the software.
Not all of the accounts were closed for the retained earnings account.
The accounts balance in the income column does not match.
The rejected receipt’s value was divided across several accounts.
The balances for each transaction are different on the final day of the fiscal year and the first day of the new fiscal year.

How to Fix Balance Sheet Issues Sage 50?

Make sure the balance sheet for Sage 50 is current. There are a few troubleshooting you may take to help you tackle this issue.

Solution 1: Check for Reliability

Initially, close your Sage 50 and open a new file on each of your workstations
Following the administrative workstation closure, you should likewise shut down all other workstations
Click on the “Change accounting period” after selecting the next Tasks option, System
Then click on the “OK” button after selecting Period 1
On the menu, select the “Help” menu
After done with that, select “Integrity Check” from the menu under “Customer Service & Consultant”
Testing of accounts and sync should be done
Finally, we advise ensuring the ledger balance corresponds in order to assure correctness and avoid potential errors.

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Solution 2: Verify the Damaged Transaction Error

The very first, click on the “General Ledger” under Report >> Forms
Select the option by clicking it in the General Ledger report
Click on the “OK” button after making the appropriate changes to “time/date/year”
Close the General Ledger report or error message if an error persists, then open a report or form
Check to see if “Sage 50” has been closed by every user
Click the “Start” button after selecting File menu and then “Data Verification”
Once the backup is saved, the test will start immediately
Check the account balance following the completion of the data verification process.

Perform the next troubleshooting solutions if the issue is still present.

Solution 3: Fix the Error with Journal Synchronization Test or Running Chart of Accounts

In the beginning, log out from your company file
Next, move to the Help menu and change the accounting period
Now, click on the Support Utilities option
After that, click on the Integrity Check option
Moving forward, hit the Backup button and then give a backup name
Once done with that, choose the location where you want to save the file by hitting the Save button
Hit “OK” within the field that says your backup file size
From the list, you have to choose the Re-index file list
And then click on the Chart followed by OK button
Go to the Help menu and then select the Support Utilities option once the test completed successfully
In the next move, you’re supposed to click on the Integrity Check
Hit the Continue button and then give a click on the Re-index file field
From the list, select the jrnl header and then hit the OK button
Next step is to check the Integrity test
Again hit the Continue button followed by choosing the Chart of Accounts field below the Data Synchronization Tests option
Here, you have to hit the OK button
In case, you receive any error notifications, simply click “OK”
Open the Standard Balance Sheet after the test completed in order to verify whether it is in balance or not
Open your General Ledger Trail Balance Sheet and then check the balance
To determine the amount, check the General Ledger Trail amount’s debits and credits totals
In the Help menu, select the Support Utilities tab
Select the “Integrity check” option
After that, select the Continue button
Journal balances field should be selected, then hit “OK”
Select the G/L balances field by clicking the Continue button, and then click OK
After the test is finished, set back your accounting period.

Execute the Journal Balances Test

Go to the Help menu and then select the Support Utilities
Next, click on the Integrity Check followed by selecting the Continue button
Now, select the box labelled with Journal Balances and then hit the “OK” button
Run the G/L balances test by following the instructions below:
Locate the Help menu and then select the Support Utilities
Click on the Integrity Check and then hit the Continue button
After that, click on the box named G/L Balances
In the end, click “OK” and then verify whether report is in balance now.

Suggested Reading: Sage Balance Sheet Doesn’t Balance

Solution 4: Fix the Out of Balance Consolidated Company

Find the subsidiary businesses
Then select Reports & Forms
Select General Ledger as your option
On the General Ledger Trail Balance, double-click on the same
Go to the bottom by scrolling down
Verify that the debit and credits are equivalent
In the event that it does not, use the Journal Synchronization Test to identify the problem
If the error still exists, perform a re-consolidation of the combined company
Verify the company’s balance in consolidation.

Solution 5: Fix the Wrong Transaction for Unbalanced Balance Sheet

Run Data Verification if the damaged transaction first occurs at the beginning of the accounting period.

Select the File from the menu
Click the Data Verification button
Click Start, then select Both Tests
Now, save the backup
When the procedure is finished, an automatic data test will begin
Make sure that you first revert the accounting period back to the active period if there are problems in the data verification tests
Finally, run the General Ledger Report.

Conclusion

Checking off the Balance Sheet Issues Sage 50 is easy with the help of solution discussed above in the above write-up. However, there may be instances in which you are unable to fix such an error. In those instances, we advise you to contact our Sage 50 specialists by calling +1-347-967-4079 our dedicated Sage 50 customer Help desk, and they will provide you with the best solutions in the minimum time frame.

Frequently Asked Questions

Q. What the Steps Need to Follow to Generate Balance Sheet in Sage 50?

Ans. The below are the suggested steps, you need to perform in order to generate balance sheet in Sage 50:

Click Company >>> Links pane >>> Financials >>> Balance Sheet to get your company’s financial information
Select the necessary field as shown:
- Enables you to print the reportLook over your reportRecords the report’s saving
- Sends the report by email
To create a report, click Run and then add any necessary specifications followed by choosing the accounting
- The current year’s values
- Selected time/choose period
- Selecting the Chart of Accounts
You can make a new chart of accounts or use the default one.

Q. How are the Integrity Checks from Earlier Versions Accessible?

Ans. Making a data backup is typically a wise move before attempting any sophisticated solutions.

Earlier versions of the Integrity Check can still be accessed by following the procedures below:-

The Sage 50 program should first be closed
Next, right-click the Sage icon
From the menu, select Properties right now
Keep your cursor where it is right now in the far corner of the Target field
In order to add, you must first enter a blank area
When finished, press Apply before selecting the OK button
Once you’ve updated the icon, launch the Sage 50 application
Back up the data for the business
Period 1 will then be used as your new accounting period
Finally, pick Integrity Check from the drop-down box in the File section.

Q. How Can I Modify the Sage 50 Account Period?

Ans. Make a backup of the data for your business before changing the accounting periods in Sage 50:

Select System >> Change Accounting Period from the Tasks menu, and then select the account period button in the Control Bar at the top of the main Sage 50 window
If you do not see the option to “Change Accounting Period”, the user profile does not have safe access to the section
With the drop-down list box, you must select the time period
You are allowed to change this to any other period within the first one or two open fiscal years in which your accounting period was formed
Finally, press the OK button to launch the procedure for modifying the accounting period.