Balance Sheet totals not the same as Nominal account totals

Accounting
1

Hi Glen,
I may be being stupid here, but I just ran the year end for 2014. My Nominal Code 1100 (Debtors Control Account) shows a balance of £44.00 but the Balance Sheet for the same period shows a balance of £60.00. What am I missing?

Thanks

John

2

What date range have you set on the nominal ledger view? The balance sheet only has one date and considers all entries up until that point in time.

3

Hi Glen,
The date range on the nominal ledger view is set to September 2103 - August 2014. The balance sheet is set to the same end date (31/08/2014).
This query came up when I was trying to produce our year end accounts…

Thanks
John

4

If you have transactions pre September 2013 then those totals will be different. A balance sheet takes into account all totals from the earliest entry in QuickFile.

EDIT:

OK just done a quick check and you do have entries there before September 2013.

5

Thanks for checking Glen.
How do I handle those pre-September entries? I did a Year-end for 31/08/2013 and then for 31/08/2014. Should that have closed off those entries?

Regards
John

6

The year-end procedure doesn’t clear down balance sheet totals. It’s perfectly normal to have debtor control balances at the year-end, after all you don’t write down debt when you close an accounting year… this just shows that at that time x amount was owed to you in unpaid invoices so it’s completely normal.