Balance Sheet - first year end

Accounting
1

Hi - we have just come to our 1st year end using quickfile and there are a couple of entries showing on my balance sheet that I don’t think should be there & I am unsure how what I should do. There is a balance showing on the profit and loss account which relates to VAT and PAYE from the previous year. I have balanced them both out on a journal entry dated the previous year but they are still showing on the balance sheet for the year.
I also have a Sales Tax Control Liability showing on the balance sheet which again I believe relates to the previous year as when I click on this amount and change the date range to this current year it disappears.
There doesn’t seem any way to amend the date on the balance sheet though which I guess is why they are both showing - I would appreciate any help you can offer, thanks.

2

Hi @BlueFlag,

Have you run the year end tool at all? Simplified year-end tool

3

Thanks for your reply - I have just run the year end tool but the figures on the balance sheet are still there …?

4

Hi @BlueFlag,

As I am not an accountant I wouldn’t like to give you any incorrect advice. It may be worth running your queries past your accountant as they would have more of an idea

5

Sorry - I think I have figured it out - the figures that I am referring to are actually in brackets, does this mean they are negative?

6

Hi @BlueFlag,

Yes, negative values are often displayed within brackets

7

That would make sense then! Thanks for your help.

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8

Also just for future reference. If at year end you have a vat liability. Which hasn’t been paid yet, then obviously this will show on the balance sheet

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