Beginning Balance do not match ending balance

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Posted on by Sunil Chhabra

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I ran a year end close the yesterday.

I noticed that some of our retained earnings account (we use divisional close) the ending balance of 2008 does not equal the beg bal of 2009. The 2008 ending balance is correct but the 2009 beg bal is not.

If run the trial balance, everything is balance though.

Any idea how I can resolve this issue.

Thanks

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Mariano Gomez 26,225 on at

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Re: Re: Re: Re: Re: Re: Beginning Balance do not match ending balance

I agree with Sandip. It sounds your summaries are off. To fix this you will need to run a reconcile. Go to MSDGP >> Tools >> Utilities >> Financial >> Reconcile and select the year in question.

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Sandip Chudha 175 on at

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Re: Re: Re: Re: Re: Beginning Balance do not match ending balance

Sunil,

If you are sure all the posting types on the accounts were setup correctly, then I'd run reconcile on "Open" year this is via Uitilities > Financial > Reconcile click on "Year" & Select "Open" select year in question and run reconcile. I'd also take a backup before running this just incase.

Regards, Sandip

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Sunil Chhabra 1,958 on at

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Re: Re: Re: Re: Beginning Balance do not match ending balance

Ian,

Yes, the beginning trial balance is in balance. Although some of the retained earnings accounts are off - the total is in balance - which is really strange.

Because the difference between the ending balance and beginning balance is about 1million.

We have about 100 Retained Earnings account and 17 of them have the problem.

All other balance sheet accounts including retained earnings account (except 17) have a correct begginning balance. All P and L accounts have a Zero beginning balance.

If run a balance as of 1/1/2009 it is in balance.

Thanks

Sunil

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Community Member on at

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Re: Re: Re: Beginning Balance do not match ending balance

Hi, are the amounts on the Trial Balance report incorrect but balancing?

Where do you see the error, or how did you firt find it? In the Trial Balance report?

Best regards,

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Sunil Chhabra 1,958 on at

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Re: Re: Beginning Balance do not match ending balance

Frank,

All the accounts have proper type setup. Every thing closed properly to retained earnings account. If run a Balance sheet at 12/31/2008, the retained earnings accounts are fine.

Also, I ran a beginning trial balance for 2009 and all the revenue and exp accounts do show a Zero beginning balance.

Any other suggestions.

Thanks

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Frank Hamelly | MVP... 46,615 Super User 2025 Season 2 on at

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Re: Beginning Balance do not match ending balance

Check to see if you have accounts with the incorrect Posting Type. You may have some P&L accounts setup as Balance Sheet or vice versa. If that's the case, the P&L accounts would not close to Retained Earnings. The best way to check is to use the Accounts SmartList and add the Posting Type field to it.

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