We have rolled over our Financial Year and now we have an imbalance in the Opening Year Balance. What should we do?
Normally if an imbalance appears just after a year end roll over – it means there is something wrong with the chart, an account or accounts that do not add into the profit, ie do not go into the Retained earnings properly. Or, something slightly more complex, if you have consolidation accounts and have multiple closing stock / opening stock values and the wrong profit has been taken down into the Balance Sheet.
Either way – ideally the chart gets fixed first and then you roll the financial year.
We do recommend that when you roll the financial year you check your system verification report immediately. So when a variance appears where there wasn’t one – then the backup should be restored and the chart fixed before the roll over is attempted again.
If this is not possible then contact Infusion Support or your Partner for advice.