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My Advances & Loans Receivable Balance does not match my Advances and Loans Paid

Created on  | Last modified on 

Summary

My Advances & Loans Receivable Balance does not match my Advances and Loans Paid. The advances account does not match the sum of all employees that are paid advances.

Resolution

  1. Go to Setup, Settings, Payroll, Linked Accounts, Incomes, Advance & Loans. Verify the linked accounts are selected accurately.
  2. If the file is in History mode:
    • Take note of the difference between the account ledger and the sub-ledger
    • Select the Chart of Accounts window, open the account in question
    • Select the Account tab, locate the Opening Balance field
    • Modify the Opening Balance to reflect the adjusted amount you noted in the beginning of step 2
    • Select Save and Close
    • Select Maintenance, then Check Data Integrity
    • It should now be equal for the line that you just fixed
    • Repeat if you have other lines for the affected account in question
  3. If not in History mode:
    • Go to Reports, Journal Entries / Transaction Details, General
    • Look for the Advances & Loans linked account number in the reports
      • you may need to search previous fiscal years
    • If you find the linked account, this is the journal entry that caused your integrity issue and should be reversed and posted into the Paycheques module rather than the General Journal
    • Determine if the Advances & Loans Receivable Balance (L) is more accurate than the Advances and Loans Paid side (R)
    • Seek advice of an accountant before reversing or posting adjusting transactions
    • Transactions can only be reversed if it is found in the Current Fiscal Year or Previous Fiscal Year
  4. If the data inconsistency is recent, restore a backup
    • Restore an older backup before when the transaction was posted that caused the inconsistency
    • Re-enter all missing transactions and use this version of the file as the current version