Balance Sheet FAQ: Out of Balance Warnings

Steps to follow when you are alerted that the balance sheet is out of balance.

When you check the Balance Sheet report, a notification may appear alerting you to any periods that are out of balance. Consider the following to resolve the error:

1. Adjustments to historical periods
   An out of balance situation might occur if adjustments have been made to past periods. Typically, reimporting Actuals for the year resolves this issue from Settings ⚙️> Actuals. 
2. A Minor Discrepancy in the GL System
   If the Balance Sheet appears to be in balance, but you are still receiving an error, it could suggest a minor discrepancy in your general ledger. For example, the out of balance may be related to a fraction of a cent, e.g., $00.0005.
   This discrepancy can arise from decimal precision in exchange rates for transactions involving foreign currency, resulting in a tiny variance of just a fraction of a cent. To address this, consider creating an adjustment journal entry in the General Ledger system to account for any (un)realized currency gains or losses. 

3. Misclassification of Retained Earnings

   Retained Earning is a special classification in Jirav that is inherited from your accounting system. If the classification is not coming over to Jirav correctly, it can cause an out of balance. This is typically only applicable to NetSuite, sage Intacct or Excel integrations.
   1. NetSuite:
      

      Jirav requires that there is an account named Retained Earnings at the top level of the Netsuite chart of accounts.

      If there is no account that matches these criteria, an error will be triggered during integration. If multiple accounts match this criteria, an out of balance can occur. 

      To resolve this error, verify there is an account in the NetSuite COA at the highest level that specifically includes the words "Retained Earnings".

   2. sage Intacct
      

      Jirav requires that there is a single account in the Jirav_Retained_Earnings account group in Intacct. 

      If there is no account , or there are multiple accounts, or the incorrect account matches this criteria, an out of balance can occur. 

      To resolve this error, verify that only the single, correct account is tagged with the Jirav_Retained_Earnings account group in Intacct.

   3. Excel
      Jirav requires that there is a single account with the Account Category Equity and Account Class Retained Earnings in the Excel import file. 
      

      If there is no account , or there are multiple accounts, or the incorrect account matches this criteria, an out of balance can occur. 

      To resolve this error, verify that only the single, correct account with the Account Category Equity and Account Class Retained Earnings in the Excel import file.