Every business organization uses Trail Balance, Balance Sheet, and Profit and Loss Statement to measure their operational performance and to ascertain the profit/loss for a year. In EBS, these reports depend on the natural account classifications to calculate profit/loss. In general, natural accounts are classified as Expense, Revenue, Ownership, Asset and Liabilities.
Sometimes, either due to user mistakes or due to business requirements, account classifications of existing accounts are incorrectly changed by the end users. For example, an existing expense account is changed as asset account or vice a versa and this change is termed as misclassification of accounts. Misclassification of accounts results in inaccurate calculation of Profit/Loss.
EBS GL support receives a good volume of services requests every month on these misclassification of accounts. To ease the process of fixing the misclassifications, support had designed a concurrent program “Misclassified Accounts Balance Fix Report”. Using this program, user can fix the misclassifications and correct the balances with minimal help. Misclassified Accounts Balance Fix Report would be highly beneficial for the end users and it can help them to close the financial year without any hassles.
Use the Note: 2377077.1 to get the complete details on the installation and usage instructions of the program “Misclassified Accounts Balance Fix Report”. Once this program is installed successfully, end users can self-service the solution for misclassification of accounts.