How to fix balances on the balance sheet

[bernicepeacock1@gmail.com]

Hi there

I am busy with auditors year end journals. The problem is I need to fix balances on the balance sheet. Specifically Fixed Assets.

The lady that worked before me did not balance, so the opening balances on the auditors trial balance is different to mine. How do I fix this so that everything is correct going forward.

[Mike C]

Hi bernice. Your auditors will have to tell you how to adjust your opening balance because whatever caused it in the previous year needs to be adjusted.

[Kevin Smith]

If it is the opening balances last year that are incorrect, either you can have the opening balances adjusted by a support consultant via PCC directly in the database, or you can raise entries into first period of last year to bring your balances inline with theirs. Check your TB against theirs - the total DR and Cr differences (and retained earnings) on the balance sheet should be equal. Raise the differences via general journal on the first day of the previous year bringing last years TB into balance.