Financial statements are showing an account balance with the wrong sign (Account type is incorrect)
Description

The normal balance for an account is determined when you specify an Account Type for the account in General Ledger (Setup, Accounts, General tab).

The normal balance for Asset and Expense accounts is a debit. Debit amounts for these accounts print as positive amounts on the statement. Credit amounts for these accounts are considered abnormal amounts.

The normal balance for Liability, Equity, Income and Retained Earnings accounts is a credit, which is stored as a negative number. Credit amounts for these accounts print as positive amounts on the statement. Debit amounts for these accounts are considered abnormal amounts.

Cause

The Account Type assigned to the account is incorrect.

Resolution

The Account Type is incorrect on the accounts:

  1. In General Ledger, from the Setup menu, select Accounts.
  2. Select the applicable account.
  3. Press the ENTER key twice.
  4. Correct the Account Type.
  5. Click Save.
  6. Repeat steps 2 through 5 for any additional accounts.
  7. Click Close when finished.
  8. If you do not use prefixes, skip to step 14. If you use prefixes, from the Setup menu, select Prefix/Base, Base Accounts.
  9. Select the affected base account.
  10. Press the ENTER key twice.
  11. Correct the Account Type.
  12. Click Save.
  13. Repeat steps 9 through 12 for any additional accounts.
  14. Refresh the default Financial Statement designs. For more information, see How do I create or update the default financial statements or accumulator in Financial Statement Designer?
Steps to duplicate
Related Solutions

How do I correct a General Ledger account set up as the wrong account type?
Why does my financial statement print an amount with the wrong sign?