VERIFYiQ saves you time because its algorithm catches up to 80% of the most common accounting errors. The Income Statement tab identifies the most common errors that can appear on an income statement.
What test does VERIFYiQ run?
VERIFYiQ’s algorithm looks for the following:
Ensure there are no negative balances on the income statement.
Ensure that there are no balances in accounts, such as Ask my Accountant, Suspense, Uncategorized Expenses.
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!