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Category: Business Package

Balance Sheet Warning - Total Assets Do Not Equal Total Liabilities & Equity

Before a return is marked complete, the balance sheet should be reconciled.  If you receive a message stating "Total assets do not equal total liabilities and equity", there is an error either in the input of the data onto the balance sheet, or in the accounting records.  To correct this error, verify that the information in the accounting software matches the information entered in the tax program for both the beginning balances and ending balances.  If the information was entered correctly, double check the books for accuracy in calculation.  Only when the error has been corrected, and the balance sheet's assets equal the total liabilities plus equity, will this message stop being displayed.