Before you begin: Please note that permissions to your access profile may be required to perform the following steps. We invite you to validate your access with your software administrator.
When you close a period or fiscal year, a red triangle containing an exclamation mark may be displayed.
This icon appears when an action is required on your part. The message located below explains the correction(s) to be made. Here is an example for each of the messages.
The transactions were deposited in the accounts
In this example, there are two types of corrections to be made.
The deposit slip was not created for a transaction, in this case a client payment made by check or cash
The deposit slip was not created for a transaction, in this case an in-trust deposit made by check or cash
To correct this, you will need to make deposit slips for these transactions in the appropriate accounts.
The reconciliations are closed
In this example, the reconciliations for the selected period or fiscal year for the following four accounts must be closed before you can proceed with closing the fiscal year or period: 1100, 1105, 2105 and 6000.
To correct this, you will need to close bank reconciliations for the accounts displayed for the selected period or fiscal year.
Note: If you do not reconcile your current account or credit cards, or if you perform those bank reconciliations in another software program, you can perform the following operation to close your fiscal year or period without performing bank reconciliations.
CAUTION: This manipulation is temporary and must be reversed once the fiscal year or period closing is complete. It is not possible to use this workaround for trust accounts. Reconciliation for these accounts is mandatory.
Step 1: Go to the Finances tab of the main menu and click on the General ledger accounts under Accounting.
Step 2: Double-click on the account you do not want to reconcile in the software. A new window will appear.
IMPORTANT: Note the information in the Bank information or Credit card information sections. This information will disappear when you do the next manipulation.
Step 3: Change the account sub-category to "No sub-category".
Step 4: Save your changes by clicking on the green check mark.
You can now complete your fiscal year of period closing. Once you have finished, return the sub-category to the one that was originally in the account (Bank or Credit Card), enter the information the Bank information or Credit card information again and save with the green check mark.
The trial balance is balanced
An imbalance message may occur here only following a data migration.
The receivable account balance is in accordance with the auxiliary and The payable account balance is in accordance with the auxiliary
The accounts receivable auxiliary and accounts payable auxiliary are essential tools for managing a company's finances. They feature a set of predefined functions accessible via the "Finances" tab for the client or suppliers (invoice, payments, credit, refunds, etc.).
Here are the items to check in order to find and correct discrepancies.
How to find the date when the discrepancy occurred
To find out when the discrepancy occurred, use the "Period closure" function and change the closing date to a shorter period to pinpoint the date when the discrepancy occurred.
For example, you receive an error message stating that there is a discrepancy for the fiscal year from January 1, 2024 to December 31, 2024. You can set the period closing date to June 30, 2024, to check whether the discrepancy occurred in the first six months of the year.
If the error message is still displayed, the transaction(s) causing the problem are in this period.
If the error message is no longer displayed, the transaction(s) causing the problem are in the period that was not included.
Repeat this process with shorter periods until you find the exact date of the discrepancy.
General ledger log of accounts receivable/payable
Step 1: Once you know which date you need to check, go to the Finances tab in the main menu and click on "General Ledger accounts" under "Accounting".
Step 2 : Select the account indicated in the error message (accounts receivable or accounts payable) and click on the Report icon to choose "Detailed account list".
Step 3: Enter the date of the discrepancy as both the start date AND the end date.
Step 4 : Locate the transaction(s) of type GL - Journal entry.
Step 5: Note the number of the transaction.
Step 6: Go back to the Finances tab in the main menu and click on General ledger log under Accounting.
Step 7: Use the filters or enter the transaction number in the filter field to find the transaction. Double-click on the transaction.
Step 8: Determine which transaction is represented by the manual entry so that you can reproduce it with the correct function from the correct matter. To cancel the entry, set all amounts to zero.
Please note that certain transactions cannot be cancelled for the following reasons:
The transaction affects bank accounts, and the bank reconciliations for these accounts are closed. The bank reconciliations will need to be reopened up to the transaction date in order to make the corrections.
The transaction involves tax accounts, and tax reports have been filed.
If you cannot cancel the transaction, you will need to make the reverse entry in the closing period in order to rebalance everything.
The bad debt account balance is in accordance with the auxiliary
This discrepancy occurs when a provision for bad debts is entered manually in the general ledger.
All transactions must be entered using the Allowance for doubtful accounts function for each matter in order for the account to balance.
This function can be found in the Finance tab and in the Matter Finances both under the Invoicing section.
Find transactions that need to be corrected
Step 1: Go to the Finances tab in the main menu.
Step 2: Click on General ledger accounts under "Accounting".
Step 3: Double-click on the account specified in the error message. In our example, this is the account 1115.
Step 4: Click on the report icon.
Step 5: Select the dates of the period or fiscal year you are attempting to close.
Step 6: Locate the GL - Journal entry transaction(s) in the report. Note the transaction(s) number(s).
Step 7: Go to the Finances tab in the main menu and click on "General ledger log" under the Accounting section.
Step 8: Use the filters or enter the transaction number in the filter field to find the transaction. Double-click on it.
Step 9: Note down the transaction information. To cancel the entry, set all amounts to zero. Then redo the transaction using the Allowance for doubtful accounts feature in the correct files.
Note: If you do not use the software's Allowance for doubtful accounts feature and manually add entries to the general ledger, you will need to perform the following steps in order to close the period or fiscal year.
Add a general ledger account for your allowance for doubtful accounts. You could name it Allowance for doubtful accounts 2, for example.
Next, click on the Admin tab and then the Manage office tile.
Under the Chart of accounts tab, enter the new account in the Provisions for bad debts.
Save your modifications by clicking on the green check mark.
This will allow you to continue entering your bad debt provisions in the general ledger in the original bad debt provision account without preventing the closing of the period or fiscal year.
If you need help identifying the source of the discrepancy, we offer support services. Please contact support via chat or by email at: [email protected].