This article will show you how to track down a discrepancy if an account balance does not match.
Specifically, we will focus on account 311.001, which shows different balances in 2020.
Check the previous accounting period - Open the year 2019 and verify whether account 311.001 matches the unpaid invoices as of 31.12.2019. If the balances match, the issue is in 2020; if they do not match, follow the steps below.
_______________________________________________________________
Check whether opening balances agree with account balances - We have found a discrepancy on 311.001 and will proceed with the following steps:
_______________________________________________________________
Trial balance - Accounting - Accounting outputs - Trial Balance. Select this option and configure the trial balance as follows:
In the last step, select the print preview and review the balance:
_______________________________________________________________
Payment status as of date - Compare the trial balance with unpaid issued invoices as of 31.12.2020. Sales - Issued Invoices - Services - Calculate payment status as of date:
After the calculation, select the print preview:
And check the value on the last page:
_______________________________________________________________
Balance check - The next step is to check the balance: Accounting - Accounting Outputs - Balance - fill in the fields as shown in the screenshot:
Check the value on the last page:
The balance value matches the trial balance, but does not match the payment status of the issued invoices. The next step will be to check the bank.
_______________________________________________________________
Bank check - Go to the Money - Bank module and apply the following filter:
Select - Contra account - 311.001. After filtering, check that all transactions have both Matched and Posted checkboxes selected (additional filtering can also be applied). Correct any unmatched or unposted transactions that fall under account 311.001. If account 311.001 still does not balance, proceed to the next step.
_______________________________________________________________
Issued invoice payment date - Another factor that may cause a discrepancy in account 311.001 is an early payment of an invoice (where the bank payment was created before the invoice itself). You can check this in Sales - Issued Invoices 2021 - apply the following filter:
If any invoices appear, they were likely paid early and may be causing the discrepancy.
_______________________________________________________________Other liabilities - The automatic creation of overpayments may result in unsettled overpayments in other liabilities, which also affect the balance of account 311.001. Use filtering again to verify whether any unsettled transactions are pending here:
_______________________________________________________________