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!

Did this answer your question?