Just did a data migration for 5 data files from QuickBooks 2006/07 to 2009/10 Enterprise. One of the data file was 250 MB, it can be consider as quite a big file.
At the end of the data file migration; I discovered that there was a $0.12 different in the Balance Sheet between the version 2006/07 and version 2009/10.
It was just a $0.12 different; most of the consultant will simply pass a journal to resolve it. Thus, passing a journal is a last resort that I will do.
I traced the error and found that the different was between the Inventory Asset account and Retained Earning account. Since it was an error in Retained Earnings, this issue should be in the last financial year.
Next, the other affected account was the Inventory Asset account, so the problem could be the transaction between the Inventory Asset and Cost of Goods Sold. This make sense to me, the Cost of Goods Sold account does affect Retained Earnings.
I traced down further and discovered that there were two Inventory items, one with a positive $0.02 and the other with a negative of $0.14 different. So, these two items added up gives a negative of $0.12 which was the correct missing amount.
This was due to the auto adjustment in the Inventory cost that was not properly created in the previous version (I will Blog about negative stock in my future Blog post). Since it was in the previous financial year, account was already closed, and I cannot leave the different in this new version. So, I did a stock value adjustment to adjust the amount back to be the same as in version 2006/07.