Choose Non-liability or Non-fund Principal Account for Year-end Display
This troubleshooting guide addresses the error that occurs when a non-liability or non-fund principal account is selected as the closing account in Financial Suite. It provides a step-by-step solution to resolve this issue.
When trying to begin year-end procedures in Financial Suite, this error displays:
You have selected an account other than a liability or fund principal as the closing account. To prevent this fund from becoming out of balance, either a Liability or Fund Principal must be used.
Products Affected: General Ledger
Versions Affected: Any
This error displays if you have selected a closing account that is not a liability account or an account found under the Fund Principal heading in Add/Edit Chart of Accounts.
To resolve it, review your Chart of Accounts to see if an account is already there and close to that account. If not, add a liability account.
You should also edit the funds in Define Lists to link the closing account to the correct funds.
- Under Manage Records, click the Chart of Accounts tab.
- In the drop-down list, select Add Account and click Go.
- Enter an Account Code and Account Name.
- Click Lookup to select the account heading under which you want the account to display. In this case, the Liability heading.
- Click Add Account.
- Select Funds, Departments, Committees, and Areas as necessary.
- Click OK.