The Account Balance Checks review point includes three sub-reports, as mentioned below.
Accounts with Zero Balance
If there are accounts where you expect a Zero balance, but if it is not Zero, those accounts will show up under this report. 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.
Default, it will show the accounts with conflicts, but if you want to see the accounts where the rule is met or all the accounts, you have the option to view the same.
Accounts with Unusual Balance
There is an expectation with each account in terms of whether it should show a positive balance or negative balance. For example, the Cash On Hand account should always show a positive balance, such as 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 such accounts where the balance is unusual than its expectation. For example, if the Cash on Hard account shows a negative balance or any other asset account shows a negative balance, it will appear in this report.
You should review such accounts with conflicts and determine why it shows unusual balance.
Since there are only a few accounts where you expect Negative Balances like Discounts, Refunds given, Accumulated Depreciation, etc., we have selected such accounts for you already. However, you should click on the Gear ⚙ icon and configure if there are more such accounts. All other accounts not selected here are expected to have a positive balance.
Accounts Violating Threshold Limit
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. Here is how you can set it up:
Click on the Gear ⚙ icon.
Select the GL Accounts you want to set the limit on.
Set up the amount limit and Save it.
