Balance sheet not matching

Just to add to it. We have 2 company files. I have done the same journal in the other company with no issues

Hi tbezuidenhout,

That definitely sounds like a hassle. If the GST correction journal was entered against an earlier locked period, and the Balance Sheet stopped matching after that, the first things to check are that the file is on the correct current financial year and that the Balance Sheet and Trial Balance are both being run for the same date.

If the Trial Balance is also out by the same amount, it usually points to that prior-period entry needing to be reviewed, as changes made to a closed year can affect retained earnings after rollover. 
 

Because this involves prior-period GST entries, it’s best to have your accountant confirm any correction before making further changes.

Regards,
Earl

Why does my GST accrual summary and detail does not match in totals?

the trail balance is balancing. So in the journal I have basically reversed the transaction and re entered it correctly. To reflect the correct GST. I have checked all reports are for the same date. Accountant suggested to do the journal. The journal date is not against a locked period.

Hi tbezuidenhout, 

That does sound odd if it doesn't match in the same period. This may be related to the current financial year in the file rather than a transaction issue. A false out-of-balance can appear on the Balance Sheet or Trial Balance if the report is run for a financial year that is more than one year ahead of the current financial year in the file.

A good next step would be to:

• check the current financial year in the file
• roll the financial year forward until the report year is the current year or next year
• run the Balance Sheet or Trial Balance again

If the report is still out of balance after that, it may need further investigation as a genuine out-of-balance issue. In that case, please contact our support team through My Account or live chat via MOCA, our virtual assistant

Regards,
Genreve