Balance Sheet test in VERIFYiQ
VERIFYiQ saves you time because its algorithm catches up to 80% of the most common accounting errors. The Balance Sheet tab identifies the most common errors that can appear on a balance sheet.
What test does VERIFYiQ run?
VERIFYiQ’s algorithm looks for the following:
Ensure there are no negative balances on the Balance Sheet.
Ensure that there are no balances in accounts such as Ask my Accountant, Suspense, Uncategorized Assets.
Ensure that Asset accounts are positive and Accumulated Amortization accounts are negative.
How can I correct this error?
The adjustment really depends on the error VERIFYiQ is detecting. Nevertheless, we recommend the following steps:
Click on the warning or error sign. VERIFYiQ will not only tell you why it thinks there might be an error, it will also explain how to fix the error.
If appropriate, go into your accounting file and adjust the underlying entries.
If you believe that VERIFYiQ is showing you a false negative, then simply change the warning or error icon to a check mark. You can also exclude certain lines from ongoing analysis using Custom Rules.
As usual, if you have any questions or feedback, please reach out via in-app chat!