Our balance sheet doesn't balance!

Hi KiwiDK,

Thanks for reaching out. I can’t see an attachment included with your message. I understand why the $910 difference between the 30 September 2024 Total Equity of $156,538.36 and the 1 October 2024 Retained Earnings of $157,448.36 is concerning, especially as it has carried into the current year. Because you’re reporting on a cash basis, the Balance Sheet may not always present equity in the same way as an accrual-based report. However, because the difference begins exactly after year-end, it’s worth checking the financial-year rollover rather than assuming it’s simply a reporting difference. Before making any adjustments, please:

• Confirm that both reports use the same accounting basis, date settings and filters.
• Check that the file has been rolled over to the correct financial year.
• Run the General Ledger detail for Retained Earnings, Current Year Earnings and Historical Balancing around 30 September and 1 October 2024. Look for the system-generated year-end entry and check whether the amount transferred agrees with the 30 September Total Equity figure.
• Take a backup before making any changes.

I wouldn’t recommend posting a one-sided journal to Retained Earnings, Bank Fees or another account just to make the reports balance. That could affect later reporting and future year-end rollovers. If the difference remains after these checks, reach out to our live chat support through our virtual assistant, MOCA, or submit a case via My Account so we can investigate whether this is a file or year-end rollover issue and advise on the appropriate correction. It may also be worth having your accountant review the reports before any journal is posted, particularly if the 2024 accounts have already been finalised. 

Regards,

Sai