Why Run This Report:
- To view SpeedTypes with negative cash balances or positive net assets.
- To view account codes with abnormal balances (i.e., debit accounts with credit balances or credit accounts with debit balances).
- Resource Deficit refers to negative cash balances or positive net position/net asset
- Abnormal Balances are account codes that have a backwards (or abnormal) balance
Q: What are “normal” balances?
A: Each account type has a normal balance – a debit or credit that increases the account balance.
- Assets, Expenses, and Transfers Out normally have debit balances.
Debits show as positive numbers in your journal entries and on the financials.
- Revenues, Liabilities, Transfers In, and Net Position normally have credit balances.
Credits show as negative numbers in your journal entries and on the financials.