How To Fixing Balance Sheet Issues With Sage 50
Sage 50 is superb software for all kinds of accounting related tasks irrespective of the size of the organization. Nowadays from small to medium size to growing startups are steadily using the Sage 50 software for all accounting related daily tasks. It is a fast and efficient way to resolve all the issues in the best possible manner. In fact, Sage 50 is one of the best accounting software in today’s times considering the plethora of tools and features it offers to its users.
It aids in money flow management as well as inventory tracking in a brilliant way that can increasingly help a lot in case of any growing organization. Also, during the taxation times, it is a highly useful software that can bring a smile on the face of any user as it makes many tedious tasks easy. The software can be understood even by a person from a non accounting or non finance background. Forty users can work on this software at one time and module-level security and inventory management is completely achievable with this software in a smooth manner.
“Every problem comes with a solution” Pain of fixing things make people frustrated at times, but do not worry as there is a solution to every problem. Here we are going to discuss the issues related to the Balance sheet and Fix Sage 50 Balance Sheet Issues in a very efficient way, we will learn the easiest way to solve the problems without wasting much time. As all of us are aware that Sage 50 is one of the most reliable and proficient software that helps in meeting all the business needs. The Balancing sheets are important sheets of an organisation as all the details about the companies expenditure, income etc are in it. The Balance sheet report gives an insight on the details of the company like how much is business done at a certain time period, it displays what are the liabilities and assets of the company. There are different kind of balance sheets like the Comparative Balance Sheet, Multi-period Balance Sheet, Departmental Balance Sheet and Comparative Subsidiary Balance Sheet. While dealing with these sheets at times, you might face some issues like Sage 50 Balance Sheet Out Of Balance or Balance and Balance Sheet are out of Balance.
However, every user while working on this software might face a few doubts. One such doubt which users face is Balance Sheet Issues with Sage 50. Users can contact the Accounting Advice team of professionals for a detailed discussion. Let’s explore more on this topic.
All About Balance Sheet Issues with Sage 50
‘The Balance Sheet Out Of the Balance’ is the error that sometimes pop up and the user is unable to check for the balances in his account. This error signifies that there is inaccurate balance that was reserved in earning when the fiscal year ends. This error creates a blunder as it shows the different balance on the sheet for both on the starting of new fiscal year and the ending of previous fiscal year. At times, people face problems like the transaction has been done to two different accounts.
Varied Types of Balance Sheet Issues
- Incase of inaccurate retained earnings account balance.
- If there are contradictory figures like the accounts has dissimilar balance on the last day of last fiscal year and first day of current fiscal year with no transactions.
- The accounts was not closed to the retained earnings account.
- The amount in the retained earnings account has been split to a different account.
Fixing the Balance Sheet Issues with Sage 50
You can easily fix these issues by checking the data integrity, running the data verification check and following the steps that we have provided. Firstly, we do the verification check if any of the transaction is harmed or is not proper. Once the data verification is done, check the account balances. If you still find that your Sage 50 Balance Sheet is Out Of Balance or Balance and Balance Sheet are out of Balance, then go with the Integrity check process and the manual check.
After doing the data verification, if you don’t find your general ledger balance appropriate or the Balance and Balance Sheet are out of Balance, then you have to follow the integrity check process. For performing the Integrity check, you need to follow the steps that are provided below.
- Firstly you need to ask all the users to close the Sage 50 tool.
- Then select the Tasks tab and click on the Change Accounting Period
- Next choose the period 01 and click on the OK button.
- After clicking on the OK button select the help tab and click on the Customer Support and Service here, you will find an option Integrity check
- Further click on the Integrity check option and the process will start
Once you are done with it, then run another test that is Run Chart of Accounts or Journal Synchronization test. After that you need to check the General Ledger account balances and if the balances are still inappropriate then again you have to follow some steps to make the things work properly. For this again follow the steps given below:
- First of all Click on the Integrity check.
- After that, select the Journal Balances box and click on the OK button.
- Once you click on the OK button a Window appears from here see the Integrity Check and click on the Continue button.
- Then, Select the General Ledger Balance box and click on the OK button.
- Once you have clicked the OK button the accounts will be proper you can now check your General Ledger Balance accounts.
The other way is to do Integrity checks so that all the Balance sheet issues can be resolved.
In case the user wants a further clearance and wants to know how to resolve the issue in a better way or wants to understand the advanced steps related to the integrity checks, it is best to contact the Accounting Advice team.
What is Accounting Advice?
The Accounting Advice is a tremendously trained Sage technical customer support team that has professionals who can resolve all Sage related doubts instantly. It is the safest way to resolve issues as there is no harm to the system or data files. They are available 24*7 to support and assist every sage user. The toll free number to reach out to them is 1844-871-6289. They can be contacted for general doubts and tips related to the software too.
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