If you receive the error message that the KW Owner Profit is out of balance, this means that WinMORE has detected that the amount of Owner Profit Transmitted the prior month plus the current month profit (loss) does not match the YTD Owner Profit amount the current financial statement.
This means that a change has most likely been made to a prior month's accounting data, and you must compare the data transmitted to your current accounting data to find the difference.
What you will need to find the issue:
1) Prior Month TRANSMITTED Financial Statements
- Go to KWConnect > reports > MC Financials > Financial Statement and print the prior month's Financial Statement (Both Balance Sheet and Income Statement)
2) Current Financial Data for prior month
- Submit your current financial data to the online KWFS tool
- Access the Online KWFS financials at mykw.kw.com > Technology menu > KW Financial Statement
- Switch the month from the current month to the prior month
- Print the prior month's financial statements
To find the error, follow these steps:
- Compare the Transmitted Financials to the KWFS Financials and Compare each statement line by line to see where the difference is between the two statements
Note: Best practice is to start with the subtotal lines to find the section where the error occurred, then go line by line within that section to find the account affected (It could be more than one account)
The error could be more than one month in the past. If the prior month does not show any errors, look back in other prior months.
- When you find any differences whatsoever, the changes must be reversed so that your your prior period accounting data matches what you transmitted.
REMINDER: You can't change data in a period that has been transmitted. Remember to lock your period in AccountEdge to avoid changes in prior periods.
If you have any questions after completing these steps, please email me at MCASupport@kw.com.