SAGE INTACCT TIP

Financial Reports: Tips and Tricks for Determining Why the Balance Sheet is Out of Balance

There are several factors which could cause an imbalance on the balance sheet. Here are some tips and tricks for locating and rectifying the cause of the balance sheet report within Sage Intacct appearing out of balance.

One of the most common causes of an imbalance on the balance sheet report is inaccurate or lacking assignment of account categories to a GL account. Most companies utilize the Sage Intacct quick start balance sheet report. This report is based on account categories and the categories must be assigned correctly. If an account has not been given a category, it will not flow through to the balance sheet. If the account has been assigned an incorrect category, it may appear within an unintended section of the report, which can also cause an imbalance. To ensure completeness and accuracy of reporting, assign all accounts categories and confirm the appropriate category is given. Note that the ‘Revenue’ category does not flow into Sage Intacct standard reporting, therefore, this category is not recommended for use on accounts intended for the balance sheet report.

Recommendation: Create a Smart Rule that requires the category field on all accounts be selected, otherwise an error will trigger upon saving, thus confirming all generated accounts will appear within reports.

If an account has been assigned an incorrect category, or has been found to be lacking assignment of a category altogether, it must be updated in order to accurately appear within financial reports.

1. Go to General Ledger from the top navigation bar.
2. Select the All tab.
3. Locate the Accounts section.
4. Click General Ledger Accounts from the menu.
5. Locate the account in the list and click Edit.
6. Select the appropriate Category from the drop-down menu.
7. Save when complete.

To locate accounts without a category associated, a custom view can be generated within the Accounts list.

To create this view:

1. Go to General Ledger from the top navigation bar.
2. Select the All tab.
3. Locate the Accounts section.
4. Click General Ledger Accounts from the menu.
5. Click Manage Views, in the upper left corner.
6. Select Create New View.
7. In Step 1, choose the following fields from the options provided:
   • Account Number
   • Title
   • Account Type
   • Normal Balance
   • Closing Account Title
   • Close Into Account
   • Category
8. Step 2, select the appropriate sequence of columns:
   • Account Number
   • Title
   • Account Type
   • Normal Balance
   • Category
   • Closing Account Title
   • Close Into Account
9. Step 3, select filters for the view. Example: If you'd like to only see accounts without a category, select the filter: Category equals null.
10. In Step 4, sort the view. Example: Instead of entering a filter, you can sort by Category to review all accounts associated with each category.
11. Step 5: enter a Name for the view and Save.
12. Return to the Accounts list and select the new View from the menu in the top left corner.

Once created, this view can be used to analyze and update GL accounts as needed. This view also provides the account type and normal balance, which can be utilized to validate that all balance sheet accounts have the appropriate setting.

• Account Groups Calculated Amount = End of Period
• Except, Net Income (Loss) account group = For Period, Credit Balance
• Assets = Debit Balance
• Liabilities = Credit Balance
• Equity = Credit Balance