How to Fix Sage 50 Balance Sheet Issues

by jonathan

How to Fix Sage 50 Balance Sheet Issues

by jonathan

by jonathan

Sage 50 is a software which manages the total financials of the business. However, Sage 50 is prone to certain issues and one such section is the balance sheet errors which restricts the software to match the ledgers due to unforced error.

Sage 50 Balance Sheet Issues

Every company needs to maintain its balance sheet, which is a document that captures all the assets, liabilities, profits and losses date-wise. Earlier, accountants manually entered all the expenses, value of fixed and current assets, and other such financial data. Now, software tools like Sage 50 make it easier to maintain balance sheets.

Sage 50 is business management software which helps you to manage your accounts, invoices,cash flow, taxes, and even inventory. In short, Sage 50 is a marvelous tool,which helps you leave all your number-related worries behind. However, like manyother software programs, this tool is prone to certain issues too.

Let’s now take a look at the common balance sheet-related issues that users encounter while using Sage 50.

In this article we will describe the issues and the resolution to the balance sheet errors which prompts the user while using the software for Sage 50 balance sheet out of balance. In case you are unable to resolve the error with the below steps, you can contact our Sage 50 technical support phone number.

Issues in Balance Sheet with Sage 50

  • The account balance in the preserved earnings column does not match
  • The last day of the financial year and the first of the new financial year shows different balances with any transaction
  • The preserved earnings account did not close all the accounts
  • The amount of the retained earnings account was split with some other account

Fixing the Balance Sheet Issues with Sage 50

Stage 1 – Check for dented transaction issues

  • In Report & Forms select General Ledger
  • Fetch the report in the ledger
  • Select options and then change the time frame to everyone and then select Ok
  • In case an error prompts you, close the error dialog box and the ledger
  • Select form > file > data confirmation
  • Mark the tests and begin both
  • backup the files and save

(The tests will start once the backup is saved)

  • After the process is complete, the balance of the ledger should match

Stage 2 – Reliability Checks

  • Close all the Sage 50 workstations and then work of the administrator workstation
  • Select Tasks > System > Change Accounting Period
  • Click period 1 and then tap ok
  • Select Help > Customer Support & Service > Integrity Check
  • Execute tests for the chart of accounts and sync journals test
  • After the process is complete, the balance of the ledger should match

Stage 3 – if the balance is still not matching

  • Select Integrity Checks and go to journal balances box
  • Tap Ok
  • Firstly access the integrity checks and then continue
  • Tap the general ledger balances and the tap ok
  • After the process is complete, the balance of the ledger should match

Here are the most common balance sheet problems that users have when they call up our Sage technical support team.

List of Common Sage 50 Balance Sheet Issues

  1. Number mismatch

The numbers you’ve entered in account balance do not matchwith the preserved earnings column. This can be an infuriating experience, and may cause you to audit your company’s accounts repeatedly, resulting in loss of man-hours, and causing unnecessary delays and expenditure.

  1. Difference in balances

Sage 50 reveals a difference in balances between transactions carried out during the last and first day of twoconsecutive financial years. Our Sage technical support experts often recognize that users enter data incorrectly, leading to differences in balances.

  1. Non-closure of accounts

This is another error where the preserved earnings account doesn’t close all the accounts in Sage 50’s Balance Sheet function. This is antithetical to the idea of a balance sheet, because all accounts need to be closed at the end of a balance sheet.

  1. Split amounts

The amount splits between retained earnings account and some other account. This leads to errors in the entire accounting process, and may result in false financial data and information. You may even have the taxman knocking at your door.

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Without much ado, let us look at how you can fix common balance sheet issues.

Look for errors related to transactions

  • Under report & forms click General Ledger.
  • Select “Options”, then change “Time frame” to All and choose OK
  • In case of an error, close the prompt and also the General Ledger Report.
  • Choose a report > then file>and click on “Data Submission”
  • Choose the tests and start the test.
  • Save your files.
  • Test will start once you save your files.
  • Once the verification process is complete, verify the balance of the ledger.

Test the integrity

  • Ask everyone except yourself to close the software.
  • Select “Tasks” and click on “System”. Then click on “Change Accounting Period”.
  • Choose period “1” and select OK.
  • Now select “Help”, “Customer Support & Service”,and finally choose “Integrity check”.
  • Start “Chart of Accounts &sync test for Journal”.
  • Once this is completed, the balance of the ledger should be at par.

Still the balance isn’t at par?

  • Click “Integrity”, and then “Journal Balances” and select OK.
  • Select “Integrity Check” then click on “Continue”.
  • Click on “General Ledger Balances” and select OK.
  • Now verify the account balance, it should match.

If you are unable to find a fix for your balance sheet even after going through the steps mentioned above, do not worry. Dial our toll free number +1-800-797-5219 and speak to our Sage customer support team. These third-party experts are highly knowledgeable and trained in issues related to Sage 50 and similar products.

Please call the 24*7 technical support lines to get in touch with our Sage customer support team now.

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