Report Designer: Verifying balances

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Use the following procedure to verify that the amounts in the financial statement are in balance.

To open a report or financial statement layout for editing, choose File > Report Designer. In the Reports list frame, click the plus (+) sign next to the document type folder to expand the list, and then double-click a report or financial statement layout to open it in the design grid.

Prior to making changes to a report (including letters and financial statements) in the Report Designer, we recommend that you choose File > Save As to save the report with a different name. To restore a predefined report in which changes have been made, you can choose File > Restore Default.

  1. Verify all sections of the Balance Sheet. 
    • Manually calculate the subtotals and total rows for accuracy.
    • Ensure formulas in the subtotal rows reference the correct detail rows. Show design grid

    • Confirm the correct balance is displayed on the report. (Contra accounts, such as Accumulated Depreciation, are typically listed as credits.)
  2. Ensure all accounts are included in the Balance Sheet.
    • Confirm all accounts have Account Grouping Codes and Subcodes in the Actions > Enter Trial Balance Screen.
      •  Add columns for Tax Code and Unit to the Trial Balance grid to review and edit the complete Chart of Accounts. See View Maintenance Column type / Column Definition dialog.
    • Ensure that Account Classification Subcodes are referenced in the grouping content for applicable cells in the report via the Properties section of the Design Tools frame.
  3. Print the Financial Statement Worksheet report for the current year (File > Print - Options dialog) and review the Totals row in the Balance Sheet columns.
    • If the debit and credit totals are the same, check off each item on the Financial Statement Worksheet and compare it to the balance sheet. There may be a missing account in the financial statement.
    • If the debit and credit totals are not the same, verify the data entry. An incorrectly coded transaction may have been recorded in the Enter Transactions screen.

Related topic: Report Designer: Procedures

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