YTD Net Income Error

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Posted on by SL_GP_BC_123

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My client has run into an issue where their net income does not tie into the YTD Net Income amount. The sum of the P&L accounts does not equal the YTD Net Income balance.

We've isolated this to a single journal line item (Not the entire journal, just a single line item). The one line item did not get a corresponding entry in the YTD Net Income account. I'm not quite sure how to fix. If we adjust the YTD Net Income balance it throws the balance sheet off.

Any thoughts or suggestions as to how to address. It's not a material amount and we've done a work around for now, however I am curious if there is any steps we can take to correct. Please advise. Thank you.

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CFROTON 4,710 on at

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Dear LongTimeGPandSL,

Most of the time using initialize mode would be the solution, but I've asked a financial specialist on the issue.

Best Regards,

Jana MacDonald

MSDSL Support

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John_Joyce 1,042 on at

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It seems to me that if you adjust the YTD P/L account balance, and that then throws-off the B/S, then there must be another account that is off by the same amount. To put it differently: It sounds like the B/S is in-balance currently, but the YTD P/L account balance doesn't tie-out to the sum of the P/L accounts.

Question 1: Are you sure it's the YTD P/L account that is off, and not the source P/L account?

Question 2: Are you sure that all of the corresponding B/S accounts included in that Journal Batch were updated properly?

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SL_GP_BC_123 1,114 on at

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We were able to resolve the issue. I originally thought a transaction was not represented or missed in the YTD net income. Turned out YTD net income was OK. We had a P&L account balance that was in error. Once the P&L balance was fixed, then everything fell back in line.

Appreciate the response. Thanks!

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SL_GP_BC_123 1,114 on at

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That was correct. It was the source P/L account that was off and not the YTD Net Income account.

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