I have a GL asset account, WIP Variance, that is showing up on the Trial Balance and Income Statement but not on the Balance Sheet.  This is causing the Assets=Liabilities+Owners Equity to not balance together.  How can I get the WIP Variance GL account to show up on the Balance Sheet so they balance??
 
Thanks,
Jamie

Thanks for your help.  So the situation is the income on the balance sheet is not matching the income balance on the income statement.  The difference is the exact dollar amount of WIP Variance which is the account showing up on DTB and Income Statement but not the Balance Sheet.  The WIP Variance is under "Revenue" on the Income Statement.  Is this still something I need to take care of under "Custom Financials"?

You mean GL-A?  Because AM-A is Reset Period Close Date....
 
And which account number do you need to know?  The income, or WIP?

We have two WIP Variance's for some reason.  The one throwing off the Balance Sheet, however, is 50125.  And the income account I am speaking of is on the Balance Sheet under Equity, it says 30020 Net Income.  Does this help?

Exactly.  And for some reason the Balance Sheet is not pulling the correct income from the Income Sheet.  Like I mentioned, it is off the WIP Variance amount.
 
Both WIP Variance's 50125 & 11310 are under Assets in the Chart of Accounts.  
 
Sorry, I am fairly new at this so I hope I am understanding your ?'s.....

Yes the 50125 WIP falls under our expense accounts.  So you are saying it should be an asset?  How would I put it under the asset category?
 
Jamie

Yes that's how I interpreted it also, your account 50125 is typed as an asset, but it falls in the range of Expenses so it shows up on your Income Statement.  You need to make it an E type.  
As I said before, normally WIP variance is an expense, but if for some reason you want it to be an asset it needs to be in the asset range -10000's.
 

Are you sure the 11320 is a WIP variance and not your WIP asset account?  
 
In my opinion you need to have only one WIP asset, the one that collects costs on work orders that are in process.   It is the account that you are using for the WIP account when you set up your class codes for manufactured items.  That may be the 11320 account.  
 
The WIP variance is an expense (it is part of COGS), so you should change the 50125 account to be an expense.  Once you do this your reports should be right.
 
I am sure this is confusing but I hope it helps.

I'm glad your financials are finally balanced!  As for the 11320 account, check your item class codes and see if this is the account used for WIP.  If it is then you just need to change the account name.  If it isn't then I am curious about what is posting to this account.
AS for the PO receipt, are you looking at GL-O by a certain date or all dates? If by a certain date, did he use the same dates for all the receipts?

It sounds like your transaction is correct in The Purchase Order record, have you checked inventory?
 
It is probably just the GL transactions that are wrong-- this happens to us too once in a while when there is some kind of record locking error.
 
You need to click on the "out of balance" report at the bottom of the GL-O screen to see which transactions are out of balance, and then use GL-P to edit the entries.  You can find them by doing a look-up for account and then the date to find the ones that need correcting.

Glad to hear you got that fixed, Jamie.  
I get soooo much help from this forum-- it is a pleasure to give some back!    

I suspect your Asset WIP "Variance" is not a variance, but the actual materials and labor collected while the work is in process.  As you collect costs, they are debited to this WIP asset and when you finish production they go from the WIP asset to the Finished Goods Assets.  
 
If you close the work order when you finish it, all the costs for that work order are taken out of WIP (credited) and put in (debited) to whichever FG account you are using for that item.  
 
If you leave the work order open and collect more costs after you have finished it, those costs are expensed to the WIP variance  Expense account when you close it.  Or, if you finish production at standard cost instead of actual, the difference is posted here when you close the work order.
 
Double check your class codes for your manufactured parts and see if the account you are calling Asset WIP Variance is used as the WIP account.  If it is, I would rename that account to WIP or Work In Process, and take out the confusing "Variance".

System Manager, SM-C, Enter Item Classes.  Click the <Item Class GL's> button at the bottom of the screen, highlight a class code that is used by a manufactured item, and click <enter>.  The class code GL accounts will be displayed (and can be edited here).  You want to look at WIP Inventory Asset.