What to do if the Net Income on the Balance Sheet doesn't match up with the Net Income on the Income Statement
Author: Steve ChildsReference Number: AA-01866Created: 2012-03-09 15:26Last Updated: 2013-08-24 14:37
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Suppose you have a Balance Sheet that you print through 12/31/11. And suppose you print an Income Statement from 1/1/11 to 12/31/11.
The Net profit (or loss) on the Income Statement should balance with the 9999-9999 Net Income figure at the Balance Sheet. If it doesn't...check the 'Sequence' Number next to the 'Period Name' in the 'Financial Periods' form. There is a known issue that can cause the 2 figures to not match each other. Check for this: If the first period starts with a 0, rather than a 1, and the 2nd period starts with a 1 rather than a 2, and so forth, when you change the sequence # to match up with the month it 'represented' that will fix the problem.
