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Balance Sheet is out of balance
Posted: Fri Jan 12, 2018 7:39 pm
by delamate
I have been using PowerChurch 11.1, or its earlier versions, since 2009. After all this time of producing reports quarterly, we are noticing that the Balance Sheet has never been in balance. The Total Assets is $1434.15 MORE than the Total Liabilities and Equity. We have no idea how this happened. My question is how do I bring them into balance with a single adjusting journal entry, if possible? I really don't want to have to start over from scratch.
Can anyone help me? We have one member who is being vocal about fixing it.
Re: Balance Sheet is out of balance
Posted: Fri Jan 12, 2018 7:47 pm
by NeilZ
delamate wrote:I have been using PowerChurch 11.1, or its earlier versions, since 2009. After all this time of producing reports quarterly, we are noticing that the Balance Sheet has never been in balance. The Total Assets is $1434.15 MORE than the Total Liabilities and Equity. We have no idea how this happened. My question is how do I bring them into balance with a single adjusting journal entry, if possible? I really don't want to have to start over from scratch.
Can anyone help me? We have one member who is being vocal about fixing it.
That's an answer no one can really give you over a forum. There are so many variables that could cause this. If your checking account balances, then it could be the result of improper transfers between funds, something debited when it should be credited.
I would look at the Trial Balance as something there may stand out.
That said, I would find out if there's an accountant in your congregation and ask if they would come in and take a look.