How to Make The End of Year Balance Sheet Correct if I Want to Make a Single Journal Entry

Author: Reference Number: AA-01861 Created: 2012-03-07 16:16 Last Updated: 2013-08-24 13:12

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Post all items for the year being balanced / closed.
Make sure your AR Aging Summary – Historical report (which shows your true Accounts Receivable as of the end of the year – which you will need to enter when you run the ) matches with your Balance Sheet Accounts Receivable.
Make sure your AP Aging Summary – Historical report (which shows your true Accounts Payable as of the end of the year – which you will need to enter when you run the ) matches with your Balance Sheet Accounts Receivable.
Make sure each Bank Account balance in OneSource balances with your final bank statement / checking account reconciliation as of the last day of the year.

Make sure that all checks that have cleared the bank have been marked as reconciled in OneSource.
Make sure that all checks that NOT cleared the bank have NOT been marked as reconciled in OneSource.
Determine the difference between your actual bank account (after it has been reconciled on paper) and make a single Adjustment in the OneSource bank account. (This will make the bank account in OneSource correct AND the adjustment will also be reflected on your Balance Sheet bank account).

Make sure each Credit Card balance in OneSource balances with your final Credit Card statement reconciliation as of the last day of the year.

Follow the same 3 steps (outlined above to sync you bank account balances in OneSource) to sync/reconcile each of your credit card accounts in OneSource as well.

Determine what each of your other Asset, Liability, and Equity Account balances should be as of the end of the year.
Make one journal entry to make all accounts on the Balance Sheet match with the actual sub-ledgers (AR Aging Summary – Historical, AP Aging Summary – Historical, etc…). In other words, you are going to “force” your Balance Sheet to balance with real numbers in OneSource and/or with your accounts that have a paper trail, such as your bank accounts, liability accounts, such as loans, etc…
Make a backup of your data.
Close all periods for the year. (This will prevent any further changes to any of the transactions by preventing all unpostings of all transactions in the periods that have been closed). It goes without saying here…Do all in your power to avoid re-opening any of the periods and making any changes, as this may cause the Balance Sheet to become un-synced with your Sub-ledgers.
Perform routine (daily or weekly) reconciliation of the major accounts that can be a challenge to keep synced: AR, AP, Banking, Credit Cards, and Inventory.