According to the Mathematical formula of the Balance sheet in Sage 50, we know that it is represented with three elements. First, in this Owner’s equity must be equal to the subtraction of Assets and Liabilities. If the two sides do not equate in the accounting, it is known that the Sage Balance Sheet doesn’t Balance. ReconCileBooks will discuss the troubleshooting steps to fix balance sheet issues. Moreover, if you want to learn more about Balance Sheet and its terminology, check out How To Read Sage Balance Sheet.
The assets or the account balance in the Balance sheet appears wrong at the end of the year. This scenario is known as the Balance sheet out of balance error in Sage 50. If you want
What Are the Primary Causes of Balance Sheet Out of Balance Errors in Sage 50?
If the type of Account has been changed
Corrupted transactions
Custom reports damaged
Incorrect, damaged, or missing general ledger account associated with Custom report
General ledger trial balance is being sorted for particular accounts segments
Account balance should not be zero
Out of balance subsidiary companies
Issues That Occur While Maintaining Sage 50 Balance Sheet
Below are some potential issues that may arise when creating a balance sheet using Sage 50 software:
Incorrect Retained Earnings Balance: The balance sheet might display an inaccurate figure for Retained Earnings, which could be due to erroneous data entry or accounting adjustments.
Discrepancies in Account Balances: Certain accounts may exhibit varying balances between the first and last day of the fiscal year, even when no transactions have occurred. This inconsistency could result from data corruption or system errors.
Unclosed Retained Earnings Accounts: Please close Retained Earnings accounts properly after each fiscal year to avoid incorrect reporting and carry-forward of previous period balances.
Division of Retained Earnings into Multiple Accounts: There might be instances where the amount in the Retained Earnings account is mistakenly distributed across two or more accounts, causing misrepresentation of financial information.
Please note that these problems can impact the accuracy and dependability of the balance sheet, and it is important to recognize and correct them promptly to guarantee the financial statements reflect the company’s actual financial position.
How To Fix Sage Balance Sheet Doesn’t Balance?
How to tackle Sage Balance Sheet Doesn’t Balance error?
Method 1- Verify the wrong customized and corrupted report
If you are using a Balance sheet report, then execute the standard version of the report
Check if it is out of balance, then proceed to the next resolution
If found out of balance custom version, then simply delete the customized report
Fix Wrong Transaction For Unbalanced Balance Sheet
If the damaged transaction appears at the beginning of the accounting period, then Run Data Verification.
Follow the steps:
Choose File section
Hit Data Verification
Click Both Tests and then click the Start option
Now save the backup
Once the process finish the data test will start automatically
If there appear errors in the data verification test
Then the first step is to change the accounting period again to the active period
Run the General Ledger report
Method 4 – Easy Steps to Fix Sage 50 Account Out of Balance Error
Follow these easy steps to fix the Sage 50 Account Balance Error:
Open the File Maintenance Window and click the “Warning” option to identify the displayed error. Take note of the amount mentioned in the error message.
Check the amounts for “Sales Aged Balance disagrees with Debtor’s Control” and “Purchase Aged Balance disagrees with Creditors Control.”
Close the File Maintenance Window by clicking on the cross button. Proceed to the Help section and click on “About” to access more information.
Note the number of splits from the data information section.
Go to the “File” menu and select “Maintenance and Check Data.”
Utilize the recovery tool to back up your data securely.
Next, click “Reindex” and “Compress All.” Confirm your selection by clicking “OK.”
Choose the “Recalculate Transaction History” option and click “OK.”
After completing the previous steps, close the window and select “Yes” when prompted to recheck the data.
By following these steps, you can fix balance sheet issues with the Sage 50 Software.
Method 5- Fix the out of Balance Consolidated Company
Here are the steps:
Locate the subsidiary companies
Click Reports & Forms
Choose the General Ledger option
Perform double-click on the General Ledger Trial Balance
Now scroll down to the bottom
Check debit is equal to the credits
If not, then discover the error with the Journal Synchronization test
If still the error persists then run the reconsolidate the consolidated Company
Check the balance in the consolidated Company
Easy Steps to Fix Sage 50 Account Out of Balance Error
Follow these easy steps to fix the Sage 50 Account Balance Error:
Help Balance Sheet Not Balancing Sage 50 Pro, Premier, Quantum
Here we come to the end of the article. It is hoped that you now confidently start the troubleshooting of the Sage Balance Sheet Doesn’t Balance. If you are stuck anywhere while implementing any of the methods or need further advice, then give a Sage 50 Support Number. The Sage Live chat expertise is there to assist you with easy and feasible solutions to save your precious time.
FAQs: Balance Sheet Out Of Balance Sage 50, Sage 100
How Do I Change the Accounting in Sage ?
Go to the Tasks
Hit System option
Choose ”Change Accounting Period”
Give a click on the accounting period that appears in the ribbon on the main page.
Pick the accounting period you need to open
Hit OK
Now answers the displaying questions. Here are the questions:
“Would you like to print your invoices or checks before continuing?”
“Would you like to print your reports before continuing?”
“Would you like to run an Internal Accounting Review?”
Click No if you prompt any of the above questions.
It will change the accounting period to the chosen period
Make sure you click No because clicking No to any of the Questions will pause the process of changing the accounting period to finish the tasks
What Procedure Do I Need to Follow to Run the Integrity Check in Sage 50 ?
First of close the Sage 50
Locate the icon named Sage Peachtree and give a right-click on it
Hit Properties button
Click on the field which says Target, write a blank field, then hit Apply
Select OK
Now launch Sage 50 with the modified icon
Create a Backup and Change the accounting period
Hit File and then click Integrity Check
How Do I Reconsolidate the Company File in Sage 50 While Fixing Balance Sheet Errors ?
Open the holding Company
Go to File and then hit Reconsolidate Company
It will display the Window
Now choose the Company listed in the subsidiary companies
Hit Add option
If you need to delete any of the subsidiary companies listed in the consolidated Company, click on the Selected Subsidiary companies list
Hit Remove option
Once completed setting up reconsolidation of the Company, hit on the option named Reconsolidate