The Trial Balance does not balance

Overview

When the Trial Balance does not balance and the statement of financial position is balanced, then it is likely that the clearing accounts were not cleared against the 49000 profit/loss allocation account when entering the Operating statement in the opening balance period.

This will result in any following year's trial balance being out of balance by the amount left in the clearing accounts.

Solution

The clearing accounts will need to be journaled against the 49000 profit/loss allocation account in the opening balance period.

First, is to change the financial year to the opening balance period.

From the Main Toolbar, go to Fund.
Select Fund Details.

Click the financial year drop-down and select the opening balance period.

Click Save Changes.

Now that the financial year has been set to the opening balance period, the transaction will need to be created.

From the Main Toolbar, go to Accounting.
Select Transaction List.
Click New Transaction.
Select Journal.

This transaction will post the amounts left in the clearing accounts against the 49000 profit/loss allocation account.

Enter the following transaction details

This will remove the imbalance from the trial balance.

To go back to the processing financial year.

From the Main Toolbar, go to Fund.
Select Fund Details.

Click the financial year drop-down and select the current processing financial year.