Profit on Balance sheet does not match with income statement

 

In rare cases it can occur that the profit on the income statement differs from the one of the balance sheet. This is not supposed to happen and points to special mistakes.

 

AUDITING

Account Plan

      • It has to be checked if all accounts are completely listed in the balance sheet as well as the income statement.

 

Another problem may be the accounts carried forward. Tryton can be setup to automatically carry over closing balances to the following business year. This is only allowed for balance accounts and never for income statement accounts. you can see the balances carried over in the detail view of an account.

      • First open the closed business year.
      • Then correct the wrong balances carried over for the accounts in the account plan
      • then close the business year.
      • The wrong balances carried over should now have disappeared and profit on balance sheet and income statement are in sync again.