Bal. Sheet & Inc. Stmt Net Income Doesn't Match

[strayhorn]

Okay, I have NEVER seen this before. I am currently using Peachtree Complete Accounting 2010. The net income on the income statement is not matching the net income figure on the balance sheet.

Any ideas/suggestions on how this happened and what I need to do to fix it? I have looked all around for the difference that it is off and cannot figure it out.

[rick Prindivill]

Start the repari by opeing your Company, clicking on FILE and running the process labeled DATA VERIFICATION. If this does not work then you can setup and run the Integrity Check - Data Synchronization and Chart of Accounts / Journal.

[strayhorn]

I will give that a try, thanks!

[strayhorn]

I ran the Data Verification and it came back with zero errors. I really have no clue how to resolve this problem. What kind of an adjusting entry could be made? My Balance Sheet Net Income figure is $131.60 less than the Income Statement Net Income.

Any ideas at all on how to fix this....Anyone????

[rick Prindivill]

Assuming that you are using a standard (predefined) Peachtree Income Statement and you continue to see a difference between the Net Income listed on this report compared to that listed on the standard (predefined) Peachtre Balance Sheet then you will need to run the Peachtree Integrity Check that I had suggested in a previous post.

Quote "If this does not work then you can setup and run the Integrity Check -Data Synchronization and Chart of Accounts / Journal."

Are you using the Inventory module? If so, check your Inventory activity and current Valuation Report. If these reports should be presenting incorrect values, then it may be better to run the Peachtree Integrity Check - Data Sychronization - Inventory / Journal This test will run the Chart of Accounts / Journal Test automatically upon completion of its test. If you are not using Inventory then you can skip this test and run the Chart of Accounts / Journal Test.

Be sure to create a current data backup before starting this step and then setup the Integrity Checks outside of Peachtree. Re-open Peachtree and be sure to CHANGE your current Accounting Period back to Period 1 before running the Integrity Checks. Next click on FILE and Integrity Checks, Contine and check off Data Synchronization - Chart of Accounts / Journal.