Prior Year Total for a Company That is Out of Balance

The reasons for this error to appear on the report include:

• An entry was created in the prior year to reclassify an amount between a balance sheet and an income statement account but the year was not reclosed.

• A batch was posted out of balance in the prior year.

• The F0902 table from the prior year contains erroneous data that does not equal the transactions in the F0911 table.

To correct the error:

• If the prior year entry is a reclassification between a balance sheet and an income statement account, run the Annual Close program (R098201) again to recalculate retained earnings.

• Verify that the AAI item GLG4 for retained earnings is correct.

• If an out-of-balance condition exists in the prior year, run the Batch to Detail report and the Company by Batch Out of Balance report to locate out-of-balance batches.

  Additionally, run the Account Balance to Transactions report to determine whether an account does not balance and the period for which it does not balance. Create an out-of-balance entry in the prior year to correct the original entry, and then run the Annual Close program to recalculate retained earnings.

• If the F0902 table contains erroneous data in the prior year that does not equal the transactions in the F0911 table, enter an out-of-balance journal entry to correct the original entry.

  If necessary, run the Repost Account Ledger program with the processing option set to update the F0902 table. The F0902 table matches the total of posted records in the F0911 table.