Once you have printed a Trial Balance, Income Statement, and Balance Sheet, you should verify that the appropriate figures match. If the figures do not match, there are troubleshooting steps that can be taken to identify and correct the issue.
Trial Balance
•The P & L (Profit and Loss) total at the end of the Trial Balance should always be correct. This figure can then be used to validate the Net Income figure on both the Income Statement and the Balance Sheet. All three numbers should match.
If the Trial Balance and Income Statement match, but the Balance Sheet does not, check your Income Summary G/L Group to be sure that it includes all of the necessary accounts. It should include every Income Statement account (every account with a number higher than the P & L Break Account). If the group is blank, a Customer Care representative can run a program to add all of the necessary accounts to the group.
Income Statement
•The Net Income should match the Net Income on your Balance Sheet and the P & L (Profit and Loss) total on the Trial Balance.
If the Income Statement does not match the Trial Balance, check to verify that all of your Income Statement G/L Accounts (every account with a number higher than the P & L Break Account) are included in the Income Statement report.
Balance Sheet
•The Net Income on your Balance Sheet should match the P & L on your Trial Balance, and the Net Income on your Income Statement.
If the Trial Balance and Income Statement match, but the Balance Sheet does not, check your Income Summary G/L Group to be sure that it includes all of the necessary accounts. It should include every Income Statement account (every account with a number higher than the P & L Break Account). If the group is blank, a Customer Care representative can run a program to add all of the necessary accounts to the group.
•Total Assets must equal the sum of Total Liabilities and Total Equity.
If this is not true, one of your Balance Sheet G/L Accounts (any account with a number less than the P & L Break Account), is not linked to a G/L Group. When you print the Balance Sheet, you should receive a warning message notifying you which account is not linked. To link the account, open the account in the G/L Account screen, click the Edit button, enter the appropriate G/L Group, then click the Save button.
