To effectively compare Fund Balance and net surplus/deficit amounts:
- Run your Trial Balance Report for the full year not filtered on any account.
- Note the Fund Balance Account’s Ending Balance.
- Run your Income Statement. The Beginning Net Assets should match the amount from your Trial Balance (step 1).
- Note your Net Surplus/Deficit and Ending Fund Balance amounts.
- Run your Balance Sheet. The balance of your Fund Balance in the body of the report should match your Ending Fund Balance on your Income Statement and your Net Surplus/Deficit should match the Net Surplus/Deficit on the Income Statement (step 2).
- Run your General Ledger Report for the year filtered on Income Statement Categories (revenue, expenses, transfers, gifts, gains and losses). The Grand Total Net Change should match the Net Surplus/Deficit of your Financial Reports (step 2 and/or 3).
- The Grand Total option is located on the Format tab within Detail. Mark the box to include grand total.
If there are incorrect amounts, follow the steps in How to troubleshoot reporting problems and missing accounts.
For more information on report set up and end of year practices, visit What steps should be taken before closing a fiscal year?