What are Additional Account Categories? I'm glad you asked. They are categories that are not included in traditional accounting and are not required to complete the chart of accounts. In The Financial Edge there are four additional account categories available: Transfer, Gifts, Gains and Losses....

We have all been in this situation before, running a report and all of a sudden the results are not coming out correctly; be it a Balance Sheet out of balance, or an Income Statement missing activity from a certain expense code. Either way, one of the most common culprits of this could be something missing...

Nothing is more frustrating than when you run your Balance Sheet and the bottom line is out-of-balance . So here you are with an out of balance Balance Sheet that you need to have to your board in an hour, or, even worse, an hour ago. What should you do? Well, the first thing is don't, or try not...

The ending balance on the Trial Balance does not match the Balance Sheet. What is going on here? Have any of you ever experienced this frustration? I’m sure you have. There is a valid explanation for this discrepancy: mock close. As a refresher, mock close is the term used to refer to the rollover of...

Hey, I have a situation here: Last fiscal year, we accrued the balance of the multi-year grant: Debit - unconditional promise to give Credit--foundation specific request This fiscal year, we found that partial accrual should be reversed. what should the journal entry be, then....Debit: revenue ( current...

I am using two difference VCO template to create the balance sheet as of 2/29/08. And there always is a difference of $150,000 in the fund balance between the two templates. I used template A to validate template B to see whether there were accounts missing from one of the templates. The validation report...