In this task, you will verify that your key numbers are in balance between AccountEdge and CommandMC.
1. Carefully review the key AccountEdge and CommandMC account balances for the following accounts, and make sure they are balanced with each other:
| Data Point | AccountEdge | CommandMC |
|
Balance Sheet: Total Assets = Total Liabilities + Equity |
Balance Sheet report | Accounting Applet > Balance Sheet tab |
| Agent Royalty | Profit & Loss Statement Report (Income Statement) > FR Paid By Associates field | Transactions Applet > Month End Close tab > Key Metrics section |
| Company Dollar | Profit & Loss Statement Report (Income Statement) > Gross Profit field | Transactions Applet > Month End Close tab > Key Metrics section |
| KWRI Fees | KW Invoice (AccountEdge - multiple fields) | Transactions Applet > Month End Close tab > KW Invoice subtab > Fees Owed to KWRI section |
| Profit Share | Profit & Loss Statement Report (Income Statement) > Profit Share field | Transactions Applet > Month End Close tab > Key Metrics section |
| Royalty | Profit & Loss Statement Report (Income Statement) > Franchise Royalty field | Transactions Applet > Month End Close tab > Key Metrics section |
2. Verify that this month’s YTD KW Owner Profit (Loss) is correct using the formula below:
Last month's YTD Owner Profit (Loss) _______________________
This number must come from the Official Financial Statement Report.
+ This month's Current Period Owner Profit (Loss) + _______________________
This number comes from your current KW Financial Statement which is sent to CommandMC From AccountEdge.
= This month's YTD KW Owner Profit (Loss) = _______________________
| The step above does not apply to Market Centers transmitting for the first time, as they will not have previous period data. |
3. If the numbers do not match, review your AccountEdge entries carefully and correct the error. CommandMC will not allow the month to be closed with out-of-balance financials.
4. In CommandMC, click to access the Accounting Applet and then the Account History tab.
- Any amounts from a prior period that do not match what was originally sent to KWRI in the Month End Close will be highlighted pink. Start the research there. The most common reason these numbers will not match is because changes were made to a previously transmitted month or invalid accounts are being used.
5. If any of your key numbers are out of balance, review the out-of-balance table for possible explanations and corrective actions:
|
KEY NUMBER |
POSSIBLE EXPLANATION/CORRECTIVE ACTION |
|
Balance Sheet Total Assets = Total Liabilities + Equity |
Did you use an invalid account number in AccountEdge that does not appear on the KW Chart of Accounts? |
|
Associate Royalty |
Make sure the "Associate Royalty" account and the “Franchise Royalty" amounts are the same number on the KWRI invoice in AccountEdge as they are in the KW Invoice in Month End Close in CommandMC. |
|
Total KW Approved Costs |
Check your Financial Statement and make sure the Current Period Actual KW Approved Costs match the Total to Remit to KW amount on the KW Invoice in Month End Close. |
|
Profit Share |
Check your Financial Statement and make sure Profit Share matches the Profit Share amount on the KW Invoice in Month End Close in CommandMC. |
|
Franchise Royalty |
Check your Financial Statement and make sure the Franchise Royalty amount matches the Franchise Royalty on the KW Invoice in Month End Close in CommandMC. |
|
YTD KW Owner Profit (Loss) |
Changes have probably been made in AccountEdge to previously closed accounting entries (dated in a prior month). Click the Accounting Applet, Account History. Any amounts from a prior period that do not match what was originally sent to KWRI during the Month End Close will be highlighted pink. Review the data in AccountEdge and c orrect all changes so the Financial Statement matches how it was transmitted last month. |
Resources to assist with investigating and resolving Month End Close balance errors are
- Year to Date KW Owner Profit (Loss) on the financial statement is out of balance.
- Company Dollar is Out of Balance between CommandMC and the Financial Statement
- Out of Balance Error - The exported data does not balance.
- FR Paid by Associates and Franchise Royalty Doesn’t Match
- Clearing Commission Account Out of Balance
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