Has anyone ever ran across the Profit not matching on the reports. We ran it for the fiscal year and we are off by $470 dollars. The problem is I don't know how the Balance sheet calculates the profit period.<br/>
Profit on the balance sheet is equal to any unclosed earnings. So it is critical to keep the close-process up-to-date. Meaning, if you make any prior year adjustments after you have initially closed earnings for the year, you need to run the close process again, otherwise your balance sheet will not match the year-to-date earnings on the income statement. Painful process, but one we have to live with.
Thanks for the quick Reply. I will try to run the closing and see what happens.
We wound up running the trail balance for previous years and found what G/L was off. We then issued a credit and reclosed the year.