Common Balance Sheet Issues and Solutions

In this article we'll review common balance sheet issues and how to resolve them.

New Funds or Accounts Were Created but Not Added to the Report Format

Any time you create a new fund or account, it must be added to the report format. You can use the Missing Account report in Report Formats to quickly identify accounts that have not been added to the report format.

1. In Budget, go to Report Formats.
2. Select your primary report format (usually #01) from the dropdown menu and press Select to open it.
3. At the top of the report format window, press Print then Report.
4. Change the Report Type to Missing/Duplicate Accounts.
5. You can either print a paper copy or use the print to screen option to review missing accounts.
6. The report will list the account number, the account description, and a warning that tells you if the account is missing (MISSING ACTV) or duplicated (DUPLICATE) in your Report Format.

Use the report to add all accounts that are missing. After adding missing accounts you need to recalculate balance sheet balances.

Postgres Version

1. Exit Report Format and go to Reports, then select Financial Reports.
2. Set the Report Type to Budget Report and check the Balance Sheet Only box.
3. Change the Mo-Yr to the first month of the fiscal year.
4. Check the Print to Screen box.
5. Press Print.
6. Repeat this process for every proceeding month, in order, up to the current month.
7. Review the final balance sheet and check to see if you're in balance.

C-ISAM Version

The C-ISAM version of the software does not have a recalculate function. You will need to reprint your balance sheets for the fiscal year. You only need to print the balance sheet to screen.

1. Exit Report Format and go to Reports, then select Financial Reports.
2. Set the Report Type to Budget Report and check the Balance Sheet Only box.
3. Change the Mo-Yr to the first month of the fiscal year.
4. Check the Print to Screen box.
5. Press Print.
6. Repeat this process for every proceeding month, in order, up to the current month.
7. Review the final balance sheet and check to see if you're in balance.

Changes Were Made to a Prior Month After the Balance Sheet Was Printed

Any time you make a change to a prior month you'll need to recalculate the balance sheet balances. 

Postgres Version

1. Exit Report Format and go to Reports, then select Financial Reports.
2. Set the Report Type to Budget Report and check the Balance Sheet Only box.
3. Change the Mo-Yr to the month the changes were made.
4. Check the Print to Screen box.
5. Press Print.
6. Repeat this process for every proceeding month, in order, up to the current month.
7. Review the final balance sheet and check to see if you're in balance.

C-ISAM Version

The C-ISAM version of the software does not have a recalculate function. You will need to reprint your balance sheets starting with the month that changes were made. You only need to print the balance sheet to screen.

1. Exit Report Format and go to Reports, then select Financial Reports.
2. Set the Report Type to Budget Report and check the Balance Sheet Only box.
3. Change the Mo-Yr to the month the changes were made.
4. Check the Print to Screen box.
5. Press Print.
6. Repeat this process for every proceeding month, in order, up to the current month.
7. Review the final balance sheet and check to see if you're in balance.