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Wrong Balances showing for Profit / Loss on Balance Sheet

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Posted on by Bill Campbell

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Client year end Nov 30

Did year end close Jan 25

Found needed to make some Adjustments to Closed year Feb 22

Everything appears to have posted correctly and all reports were correctly printed and recorded.

Issue

When looking at financial statements printed for end of November - after the Year end - the Profit / Loss figure agrees to the Profit / Loss figure on the Income statement.

After preparing and posting a number of closed year adjustments (done Feb 22) the client re-runs the Financial statements for November - the Profit / Loss figure for Balance Sheet does not agree with the Profit / Loss figure for the Income statement.

While we would expect that the Adjustments done to the closed period would effect the numbers, why would there be a difference between the two values on two different reports.

Before you ask, the Balance Sheet is in Balance - the only thing strange is the value shown in P/L statement is different than the Balanace Sheet.

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Bill Campbell 12 on at

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RE: Wrong Balances showing for Profit / Loss on Balance Sheet

To add more interesting twists - we are running Management Reporter and running the Data Mart connection.

As best I can tell there are no errors in the data retrieved for other companies - like 14 of them.

I know with FRx I would have likely tossed the G32 and forced a refresh - what is the equivalent in the Management Reporter world?

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MattPaulen 6,912 on at

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RE: Wrong Balances showing for Profit / Loss on Balance Sheet

The equivalent in the MR world is to recreate the datamart which essentially involves removing the integration, deleting the DM database and then re-adding and re-enabling.

Before going that route, have you tried running the balance sheet with Account Level detail and then drilling in to the Net Income line for that company? You could then run the Trial Balance in GP for the same account range and date and compare the accounts to see for sure if it's a data issue and which accounts are causing the issue to determine for sure if everything posted correctly.

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Bill Campbell 12 on at

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RE: Wrong Balances showing for Profit / Loss on Balance Sheet

Thanks for the advice to look before trashing.

Balance Sheet - P/L - value shows - 2,973,090.37

Income Statement - Net Profit shows - 2,992,777.87

A difference of 19,687.50

There is a single P/L that had that amount in evidence and has since May of 2015 and which appears when I drill on both the Balance Sheet and the Income Statement.

What makes this account interesting is that in May the original transaction was done to enter the Revenue - however it was coded to the wrong GL account - in May is was corrected by JE and moved from one Revenue account to another.

What is strange is that prior to the prior period adjustments the Balance Sheet P/L and the Income Statement Net Profit both agreed.

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Community Member on at

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RE: Wrong Balances showing for Profit / Loss on Balance Sheet

Here are a couple of places I'd look...

Is there a plug on the balance sheet somewhere?

Is one report being run with posted and unposted activity and the other being run with only posted activity?

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JoshP on at

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RE: Wrong Balances showing for Profit / Loss on Balance Sheet

Hi Bill,

Sorry for the delayed response as this originally did not get flagged as a Management Reporter question. Are you still having the same issue where balances are different between reports? If so, please provide some additional details:

What is the full version number of MR are you using?

Can you re-create the same issue on a very simple test report? Include just the account in question, one or two FD columns, and no reporting tree.

Thanks!

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Bill Campbell 12 on at

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RE: Wrong Balances showing for Profit / Loss on Balance Sheet

Sorry I did not post the solution for the problem.

The client and I invested a huge number of hours looking at the data, looking at the reports and trying to determine what was causing the problem.

We eliminated the data as a problem as we were able to get a Smartlist dump of the Profit and Loss accounts and got to match a number we were seeing on the reports. That was the Balance Sheet value. So then we knew that the problem was on the Income Statement.

Focused on the report and we tearing the report apart line by line. Looking for missing accounts.

There were no missing accounts.

What we did not look so closely at was the filters on the columns - bottom line determined that the issue was a filter on the column that did not include one of the department values unless the Roll Up was done a certain way.

Once we removed the filter all was corrected and the values on the reports all agreed.

Thanks to everyone for your time and effort in looking into this matter.

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