Symptom
When I run a Quick Statement of Revenues and Expenses, the balance for my IFT account that does not match any of my other reports (GL, Trial Balance etc).
Cause
Balances in the IFT account were closed without closing account assignments. As a result there is an opening balance for the IFT account.
The quick Financial Statement of Revenues and Expenses does not calculate using opening balances. Therefore the IFT opening balance is ignored by that specific report but it is picked up by others. This is a limitation of the Quick Financial report.
Resolution
Use another type of financial report to find the IFT balance
Article Type
Product Info
Product Line
MIP Fund Accounting
Product Module/Feature
Reporting
Ranking