I am working on year end taxes for our fiscal year 8/1/22-7/31/23. Our profit and loss statement and balance sheet do not balance. They are off by $2,677.79. Your assistance would be appreciated!
Hello Sherri,
I am looking into the delta between the Balance Sheet and P&L @ 2023-07-31 and will get back to you as soon as possible.
Best,
CETEC ERP Customer Support
Sherri,
A delta exists between the Balance Sheet & P&L going back to 2019-07-31…
the last date that the Balance Sheet & the P&L Net Income tied between the two being 2018-07-31. The delta was consistently $ 2,363.43. The delta changed during fiscal year 2023 to be consistently $ 2,677.79 through out, to the delta you see at 2023-07-31.
We are continuing to look at what may be causing this and hope to update you as soon as possible.
Best,
CETEC ERP Customer Support
I am not surprised to hear this. Most of our problems in the system tie back to 2018 and 2019 and our former accountant never addressed any of them. Currently we are making every effort to get the system where it should be so that we can rely on it exclusively. It is a great system and should not be worked around!
I am thinking I should clarify, any year in Cetec will not be relied on for our tax documents. Our former accountant created a spreadsheet outside the system and we have those documents. We are looking to have the totals match for 8/1/22 to 7/31/23 - but anything prior will not affect any of our records on this end.
the delta begins @ 2019-08-01 so looking at entries that maybe have a missing GL acct or object that’s still open causing the delta…will keep you posted. I’m not sure we have a way to just add a one-sided entry or a single split to correct the delta in 2023 FYE…but will check on that too.
Best,
CETEC ERP Customer Support
Sherri,
Good news is that I found AP Pmt 227 has not been completely closed (has status ‘Active’)…it’s just hung up causing it to be the cause of the initial Net Income delta of $2,363.43. Trial balance screen shot on 2019-08-01 here:
and AP Pmt 227 here:
I am testing in a test environment several things that might be able to fix that AP Pmt 227 and Voucher 577 and will report back if I am successful in testing. But there will still be a remaining delta of $314.36, but should now be fairly easy to find. I’ll look for that as well and send you similar information.
Best,
CETEC ERP Customer Support
Sherri,
I have escalated this Net Income delta issue to our product team to look into why the Invoiced amount appearing in three-way-match info on Voucher 577 is stuck, though (in test environment) I have tested various ways to try to close out both that Voucher and AP Pmt 227, and I am able to Mark as Paid on the AP Pmt to change status to ‘Closed’, this has not resulted in elimination of the Net Income delta. While our product team is looking into a solution on the $2,363.43 net income delta related to Voucher 577, I will begin looking for the remaining delta amount of $314.36. Hopeful to get you all resolved on both asap…I am aware of the upcoming 11/15/2023 tax return deadline, so keeping that in mind.
Best,
CETEC ERP Customer Support
Sherri,
Good news! You should find that your Balance Sheet and P&L net income figures now tie @ 2023-07-31, and every year going all the way back to 2018-07-31.
Going forward, be sure to follow the blue Retained Earnings hyperlink that may appear from time to time when you run a Balance Sheet or P&L to close prior fiscal year activity to Retained Earnings. It appears like this:
Let us know if you have other questions.
Best,
CETEC ERP Customer Support
AMAZING!! I am getting that retained earnings hyperlink from the 8/1/22 to 7/31/23 period. Please advise if I should click it for that time period. I don’t want to mess up any of your work!
Good afternoon Sherri,
Yes, you can go ahead and use the Retained Earnings hyperlink to close 2023-07-31 FYE, even if you are aware that there might be some entries made by your tax accountant. If there are tax entries made for 2023-07-31 at a later date in the current fiscal year, you will see an additional RE hyperlink message that you have more accounts to close out with a R.E. entry on 2023-07-31. Here is a short How-To Video explaining the process from our Customer Support page: How To Run the Auto-Complete Retained Earnings Feature
Let us know if you need further assistance with this.
Best,
CETEC ERP Customer Support