Difference in aged creditors report vs balance sheet

FAQ
1

Hi,

I have gone through FAQs re difference in Historical Purchase Invoices report and the account balance per Balance sheet. I have still not been able to reconcile both balances. My accounting year end is 31/07/2015. Balance as per Balance Sheet is £81674.52. Balance per Historical report is £98777.37. Furthermore balance as per Creditors ageing report is £73864.99. All three reports are showing different balances. Help!!

2

Did you factor in journals and prepayments? You can see the prepayments on the historic invoice report in the top right.

3

Dear Glenn,

Even after taking into account prepayments of £5676.02, creditors balance still does not reconcile with the amount per balance sheet. Where can I find the journals which might have been posted into creditor control account and should this control account not be locked by system to avoid journals being posted to avoid these sort of discrepancies?

Thanks

4

Locking out the creditor control account would be useful in some way but I’m sure it would be prohibitive to accountants who often want to quickly journal in adjustments. Also some users do 90% of their accounts through journals alone so need full access to the control accounts.

I’ve asked someone on support to take a closer look for you, although with this been a bank holiday it’s likely to be tomorrow.

EDIT:

Had a quick glance and it all looks correct to me:

98,777.37 (invoice balance) - 5,676.02 (prepayments) = 93,101.35 (balance sheet)