DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

End of year figures


#1

This is final bank entry and figure is correct to bank statement.

This is the date period I have set on the summary.

Why does is show a different figure for cash at bank - and this figure is on trial balance.


#2

From your first graphic, it is not clear what screen you are looking at. But it doesn’t look like the bank account ledgers I see. Is this perhaps a capital account ledger? You would not expect that to match a bank account, and a negative capital balance would not be unusual.

I would be very surprised to see a bank account balance so negative. Perhaps a one-day dip into negative territory due to the float time to clear deposits and payments if the company is running close to the edge on its cash flow. But the Cash at bank balance should normally be positive. This also causes me to wonder if your Summary is set for accrual or cash basis?


#3

Summary is set to accrual.

The first screen is by clicking on ‘Bank Account’ under ‘Summary’ on the left hand side then choosing, an clicking on, the appropriate bank account.

I can confirm that this account is always overdrawn.


#4

What confused me was the 3rd column from the right. We don’t see the column heading, and I don’t have such a column on my displays. But you may be using some tab I am not, causing it to appear.

Nevertheless, remember that Cash at bank is a control account and can have many subaccounts. One way to track down problems is to verify that all transactions affecting that register are properly cleared or uncleared, depending on their status relative to the statement. And make sure that there are not any duplicate entries, perhaps left over from an imperfect statement import.

Another thing you can do is go to Settings > Chart of accounts and click on the blue number of transactions for Cash at bank account. That will give you a list of all transactions affecting the control account. You may discover something got entered in two subaccounts or something similar.

A third tool is to sequentially reset the reporting period for the Summary and compare activities during various months until you find the one that doesn’t agree.


#5

These are my headings.

I’m not understanding anything about sub accounts but confirm that the bank account (that is the one I click on underneath summary) is correct as it agrees with the bank statement.

It is the summary itself that is wrong and is consequently putting the wrong figure into the trial balance. I will give it a go checking smaller summary periods against the bank account.

Thank you


#6

The difference must be uncleared transactions which have been accounted for prior 30/10/2015 but cleared as per bank statement after 30/10/2015.

So essentially both balances are correct. The one under Bank Accounts is a balance as per bank statement. The one on Summary tab is balance as per your books.

Bank reconciliation report (which is coming) would explain the difference and show which transactions made up this difference.


#7

I hadn’t thought about @lubos’s point, but that would certainly explain it. So rather than hunting month by month, resetting the Summary period as I suggested, just reset back to the beginning. Assuming the two balances match then, you’ll know the math is correct. The only question will be those uncleared transactions.


#8

Thank you both - success. There were three items that didn’t clear bank statement until the month after year end. All is now clear and advised to accountant.