I know these have been answered before, but I am still struggling to get my head around these accounts. For the year end April 2019, I had cleared all outstanding invoices bar 1 and purchases and PayPal transactions. When I run the Chart of Accounts report and look in the assets and liabilities, I see amounts against both. Can you help me resolve this?
Hayley
The chart of accounts doesn’t show balances, it shows the total of transactions over a given period. So if a nominal account had a non-zero balance X at the start of the period and a zero balance at the end of the period, the chart of accounts will show a total for that period of minus-X, if you see what I mean.
The “trial balance” report may be more useful as that shows opening and closing balances as well as the sum of transactions within the period.
Thank you Ian I will have a look.
Hayley