Account Balance Checks
This Review Point will show the accounts that do not meet the parameters below.
- Accounts with Zero Balance
- Accounts with Unusual Balance
- Accounts violating threshold limit
If there are accounts where you expect a Zero balance, but if it is not Zero, those accounts will show up here. . By default, Xenett configures such accounts for you (based on the keywords like suspense and clearing), but you have the option to map such accounts on your own. You can do so by clicking on the Gear ⚙ icon.
By default, it will show the accounts with conflicts, but you have the option to view all the accounts or the accounts where the rule is met.
If the account balances are okay, you can mark them as Reviewed.
Each account is expected to show a positive balance or a negative balance. For example, the Cash On Hand account should always show a positive balance, as should Inventory and any other asset account. Likewise, you expect some accounts to show negative balances, such as Discounts, Refunds, Accumulated Depreciation, etc.
This review point displays accounts whose balance is off than its expectation. For example, the Cash On Hand account is showing a Negative balance when it is expected to show a positive balance. You should review such accounts with conflicts and determine why they show unusual balance.
Since you expect negative balances on only a few accounts, such as Discounts, Refunds, Accumulated Depreciation, etc., we have already selected such accounts for you. However, you should click the Gear ⚙ icon and configure if there are more such accounts. All other accounts not selected here are expected to have a positive balance.
This is where you can set up the threshold limit on GL Account with their expected balance. For example, you're expecting Cash on Hand balance to be less than $ 1,000 and rent expense to be $ 1,000 monthly. You can set it up here. If there are conflicts, you will find them here.
