Due to sophisticated nature of activity, my charity is very dependant on General Ledger Summary report. I’ve used it for many years to produce various reports - for donors, for trustees, annual statements - everything. This is very good report disclosing many aspects of the business, but recently I’ve noticed that closing balances of Bank and cash accounts it produces don’t match with balances of Balance sheet for the same period.
Here is an example from Test file - General Ledger Summary states that closing balance for bank accounts is £400, while balance sheet for the same period says it is £450
This is how bank balances look in manager:
These are currency rates:
Actual difference from production database compiling statutory reports for 2019 is quite significant:
I’ve noticed mismatch affects only multi currency accounts, so I believe, problem can be related to conversion/representation in base currency (£’s in this case).
I don’t have enough time to investigate where the actual mistake occurs, but Trial balance suggest that currency exchange loss could be overestimated in General Ledger Summary report due to previous rate. Attaching test file in case anyone would like to explore more.
test-1 (2020-06-15).manager (40 KB)