2015 Journal reflected on 2016 Balance sheet incorrectly

Accounting
#1

Could you please urgently check the following as I am trying to finalise our Year End 30/06/2016.

  1. Journal dated 30/06/2015 “Accrual year end Accounting Fees – June 2015” is included on my balance sheet for the period 30/06/2016 and this is not correct. Balance sheet item 7601 – Audit and Accounting Fees.
  2. Not sure why Journal dated 30/06/2015 “Year End Journal 30/06/2015” is not locked. I did lock the date “30/06/2015” in the tool settings but it still will not lock.
    Thank you
    Sonnet
#2

I’m sorry - not Balance sheet item “7601” rather Balance sheet item 2109 Accruals!! Apologies for the confusion.

#3

It sounds like you just need to reverse the journal in YE 2016 to clear it back to the expense code

#4

Hi @sonnet

The balance sheet will show cumulative balances (i.e. the sum of all credits & debits from when you started using QuickFile), so a journal for June 2015 would affect the a balance sheet report made up to June 2016.

When you lock an accounting period it locks down the period but an exception is made for year-end journals, this is so you can post a year-end journal and modify it if you need to, without having to rollback the year-end journals completely.

#5

Thank you Jenny, my bad! I used the wrong nominal code on my journal.

#6

Thank you QF Support.

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