Overview
On occasions, a Trial Balance can become out of balance. This is seen in the Wealth Management module, the Client tab and the menu option Trial Balance. The warning will show in red as follows:
OUT OF BALANCE - DIFF xxxx.xx
Often this can indicate a problem with one of the earlier transactions. Users will need to locate it, to resolve the issue. Dependent then on the problem located, users may then require the assistance of the support team in order to correct and proceed.
This article outlines the steps to take to identify the problem transaction.
First Checks
Occasionally some out of balances can be resolved simply by re-calculating the Trial Balance itself. From the Wealth Management module, select the Client tab and the menu option Trial Balance. Click the Recalc TB button to recalculate.
If this does not resolve it, proceed with attempting to identify the period/transaction.
Identifying the Period/Transaction
First, identify the period in which the problem exists. From the Wealth Management module, select the Client tab and the menu option Trial Balance. Review all prior periods, to confirm which period the Trial Balance became out of balance.
From the Wealth Management module, select the Client tab and the menu option Transaction - View. Amend the date range here to the period in which the problem transaction exists, and sort by Amount.
Review the transactions listed, for a transaction equalling the amount of the out of balance. Review the transaction to locate any possible cause of the inbalance.
Where no transaction matches the amount, further investigation will be needed.
Narrowing Down the Transaction Date
Reducing the period length can help narrow down the period in which the problem occurs. Still within the Wealth Management module, Client tab, the menu option Client Details - Edit and the Periods tab, amend that final period's 'End' date. Start by reducing the existing period by half e.g. from a year to a six month period.
The Trial Balance will be recalculated automatically, to ensure the balances reflect the revised period.
Return to the menu option Trial Balance, and see if the balance remains out of balance.
Any amendments to period dates here will simply remove the period label, and not the underlying data/transactions.
Where the period end has already been run for the period, the period end dates cannot be amended. Instead users will be required to rollback the period end. Further notes on this can be found here.
If it remains out of balance, return to Client Details - Edit and the Periods tab, amend the 'End' date of that final period again to adjust to an even smaller period. Continue until you can narrow down the date on which the Trial Balance went from being in balance, to out of balance.
Once this much smaller period has been identified (ideally, if possible a day or two), it will be easier to identify the transaction causing the out of balance.
Identifying the Transaction
Within the Wealth Management module, navigate to the Client tab and the menu option Transactions - View. Amend the date range here to review all transactions on the date the difference occurred.
Review each transaction to locate any possible cause of the inbalance, for example:
- a split value total not agreeing with the transactions reporting value
Amend the transaction and/or delete and re-enter it. In the event of difficulty, contact support for further assistance.
Once you have amended the transaction, go back into the client's Trial Balance, and check it is now balancing.
If resolved, return the amended periods to the correct dates and then recalculate the Trial Balance again. If the amendment was made to a transaction within a closed period, you will need to re-run the period close off.
In the event a further out of balance occurs, repeat the steps to identify the next period/transaction causing issue.