Balance Sheet (Statement of Financial Position) Does Not Balance

Generally there are only two reasons a balance sheet does not balance:

  1. Date range of report is greater than the financial year end date 

A Balance sheet in STRATA Master is generated for a period up to 12 months. 

If the year-end date of the relevant Plan has passed and you wish to generate a current balance sheet, you will need to complete an End of Financial Year rollover. The link to the rollover process is here, however take care to ONLY rollover the relevant Plan as rollbacks are not recommended and can cause errors in financials -

  1. Journals have been processed for a prior accounting period

If there have been journal entries completed for a prior accounting period the totals need to be recalculated. (Go to Accounting > Adjustments > Rebuild Annual Rollovers)

For more information on rebuilding annual rollovers watch this video

21/03/2023 2:56 pm AEDT

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