Correcting a Balance Sheet that's out by $1 in MAS
This support note applies to:
Article ID: 30788
The Balance Sheet generated in Reporter may show as being out of balance by $1 as a result of electing to show rounded amounts.
In order to show the Balance Sheet as being balanced you can do one of the following:
Untick Apply Rounding in Reporter and generate unrounded reports.
Export the report to Word or Excel and manually modify the report.
Identify the accounts with a rounding difference and then edit the rounded value for those accounts.
To identify the account with a rounding difference to the nearest dollar
- Through Reporter print a Detailed Balance Sheet with Apply Rounding ticked then print the Detailed Balance Sheet again with Apply Rounding not ticked. A rounded report and an unrounded report are printed.
Compare the rounded and unrounded reports starting with an analysis of the Balance Sheet sections Capital, Total Assets and Total Liabilities, to identify the section where a rounding difference to the nearest dollar occurs. For example:
| Balance Sheet section: | Rounded report: | Unrounded report: | Rounding difference: |
|---|
| Capital | 193983 | 193983.08 | 0 |
| Total Assets | 263971 | 263970.64 | 0 |
| Total Liabilities | 70019 | 70017.56 | 1 |
| Out of balance | -1 | 0 | |
The Balance Sheet section where the rounding difference to the nearest dollar occurs is identified.
From within the Balance Sheet section where a rounding difference was identified compare the rounded and unrounded reports to identify the sub section where a rounding difference to the nearest dollar occurs. The sub sections may be current or non current, individual beneficiaries or individual partners. For example:
| Sub section: | Rounded report: | Unrounded report: | Rounding difference: |
|---|
| Current Liabilities | 17459 | 17458.14 | 1 |
| Non Current Liabilities | 52559.42 | 52559.42 | 0 |
The sub section where the rounding difference to the nearest dollar occurs is identified.
From within the sub section where a rounding difference was identified perform comparisons to identify the account where the rounding difference to the nearest dollar occurs. For example:
| Sub section: | Rounded report: | Unrounded report: | Rounding difference: |
|---|
| Bank Overdraft | 7419 | 7418.14 | 1 |
| Creditors | 10040 | 10040.00 | 0 |
The account where the rounding difference to the nearest dollar occurs is identified.
To edit a rounded value in MAS
- From within System Services highlight the MAS ledger and from the File menu, select Backup. The Ledger Backup Wizard window appears
- Follow the prompts in the Ledger Backup Wizard until completed The MAS ledger is backed up.
- Through the MAS ledger go to Reports > Freeform Reports > Edit Rounded Balances. The Client Chart:Rounded Balances screen appears.
- Type in a Balance Sheet account where the rounding difference to the nearest dollar occurs and press ENTER. The account is highlighted.
- Press ENTER. The Edit Rounded Balances screen appears.
- Adjust the Current Year or Year to Date balance by $1.00 and press the OK button. The Client Chart:Rounded Balances screen appears.
- Press ESC to go back to the MAS ledger. The MAS ledger appears.
