In this task, you will verify that your key numbers are in balance between AccountEdge/Lonewolf, KWFS, and WinMORE.
- Carefully review the key KWFS and WinMORE account balances for the following accounts, and make sure they agree.
KWFS |
Location |
WinMORE |
Location |
Balance Sheet Total Assets = Total Liabilities + Equity |
Balance Sheet |
N/A |
N/A |
Agent Royalty |
Income Statement |
Agent Royalty Agt. Rlty. |
Profit Share Calculation |
Company Dollar |
Income Statement |
Co Commission Co_Comm |
Profit Share Calculation |
Total KW Approved Costs |
Income Statement |
Set Costs |
Profit Share Calculation |
Profit Share |
Income Statement |
Profit Share Agt. Prof. Share |
Profit Share Calculation |
Franchise Royalty |
Income Statement |
Franchise Royalty Royalty |
Profit Share Calculation |
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 KWConnect > Reports > MC Financials > Financial Statement, NOT from your online KW financial statement.
+ This month's Current Period Owner Profit (Loss) + _______________________
This number comes from your current online KW Financial Statement which is sent to KW From AccountEdge.
= This month's YTD KW Owner Profit (Loss) = _______________________
Note: This step does not apply to Market Centers transmitting for the first time.
- If the numbers do not match, review your accounting software entries carefully and correct the error. The WinMORE Accounting System will not allow transmittal of out-of-balance financials. 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.
- 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/Lonewolf that does not appear on the KW Chart of Accounts available from kwconnect.com? |
Associate Royalty |
Make sure the KWFS Income Statement Cost of Sales "Associate Royalty" account and the “FR Paid by Agts" are the same number as the Profit Share Calculation "Associate Royalty" amount. |
Company Dollar |
Print a WinMORE Deposit Summary Report, and make sure the column totals agree with the AccountEdge/Lonewolf Income Statement for Sales and Cost of Goods Sold accounts. If an amount does not agree, print a Trial Balance detail for the account and compare entry by entry to the appropriate column on the Deposit Summary Report. All AccountEdge/Lonewolf journal entries must match the WinMORE Deposit Summary Report. If you find a deposit entry that does not match, edit and correct the Accountedge/Lonewolf journal entry. Also make sure that the Closed Sales Volume “Total Agent Royalty” column total matches the KW FS Cost of Sales “Agent Royalty” amount. If you collect E&O from your agents through closed DAs, make sure the Closed Sales Volume “Total E&O” column total matches the KW FS Cost of Sales “E&O Collected f/Agts.” Clearing account also needs to be zero. |
Total KW Approved Costs |
Check your Financial Statement and make sure the Current Period Actual KW Approved Costs match the WinMORE Profit Share Calculation "Set Costs." |
Profit Share |
Check your Financial Statement and make sure Profit Share matches the WinMORE Profit Share Calculation "AGT. PROF. SHARE." |
Franchise Royalty |
Check your Financial Statement and make sure the Franchise Royalty amount matches the WinMORE Profit Share Calculation "LESS: ROYALTY." |
YTD KW Owner Profit (Loss) |
Changes have probably been made in AccountEdge/Lonewolf to transmitted accounting entries (dated in a prior month). Reprint the Financial Statement for the last transmitted month and compare it to what was actually transmitted. Correct all changes so the Financial Statement matches how it was transmitted last month. |
Resources to assist with investigating and resolving transmittal 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 WinMORE 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