Verifying control account balances

Control accounts are cash, receivables, work-in-progress, payable, and client prepayment accounts. You already entered these totals in your trial balance and then the detail in the other beginning balances tasks. It is important that you verify that the total of the detail you entered is the same as the amount you entered in your trial balance.

When you finish entering your beginning balances and are ready to finalize them, first verify that all your control accounts are in balance by producing the Beginning Balance Control Account Verification report.

1. From the Company menu, click Beginning Balances > Trial Balance.
2. Click (Reports), and click Beginning Balance Control Account Verification.

The report lists the following amounts for each account that is affected:

• Beginning balances you entered for the trial balance.
• All other beginning balances you entered.
• The difference between the trial balance and all other beginning balances you entered, which should be zero.

When the Difference column on the report contains zero for each account, your control accounts are in balance.

Verify that cash accounts are in balance

1. From the Company menu, click Beginning Balances > Bank Account.

2. Click (Reports), and click Beginning Balance Bank Account.

3. From the Company menu, click Beginning Balances > Trial Balance.

4. Click (Reports), and click Beginning Balance Trial Balance.

5. Verify that these amounts are equal for each bank account:

• The Bank Account Total on the Beginning Balance Bank Account report
• The total on your reconciled Beginning Balance - Trial Balance report for the cash account

See also

Using the reports toolbar