We are using ifs apps 10. We are getting the message when we try to do the final year end.
When we set up the company, we selected currency balance for assets and liabilities accounts only. Is this causing the problem and how do we fix it? When I do a GL Balance analysis for any period, the balance is never zero.
I’ve read other posts with this same error, but haven’t been able to come up with a solution to fix the problem. And also a long-term solution.
Hello,
You must clear cost and revenue accounts and transfer to asset/liability account. You can run Clear Revenue/Cost Balances functionality.
This function will automatically reverse all cost and revenue accounts and post balance to retained earning account with posting type GP8.
Hope this helps
We have already run clear revenue/cost balances. I think the problem is that we set up the company to use currency balance for assets and liabilities only. the GL balance analysis has a zero balance in the currency balance in revenue/cost accounts. In the snip above, for one period, you can see the currency balance is 10,383 across the trial balance, and there is no currency balance in the revenue/cost account types. So, when we clear those balances, nothing is getting transferred to the balance sheet.
Currency balance cannot be zero if you have transactions with multiple currency.
IFS does not require currency balance to be 0 when closing the accounting year. You just need to have 0 balance for accounting currency and parallel currency.
Can you update all vouchers to GL and run GL balance for whole year? And see what is the balance for cost and revenue accounts? You can run Clear Revenue/Cost as many times as you want.
thank you. It was my parallel currency that was out of balance. Once I got that corrected with a manual voucher, I could complete the final year end accounting. So, it was the IFS error message that was mis leading.
+1
hi
thank you.
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