Hi
I am preparing one of my client to its Accounts and I have notice that when I run Trial Balance balance on Current Account (1200) differ to balance on Current Account (1200) on Balance Sheet ( and this one is correct). The difference is over £100. I can’t figure out how this discrepancy is possible? When I looked closer I have noticed that there are discrepancy in balances of other nominal codes. Both reports are of course done on the same date (31/01/2019). Could you please help me to bring TB to where BS is?
Just to be clear, you are saying that the rightmost column of the TB (the closing balance part) doesn’t match the balance sheet figure for the same date? You’re not looking at the middle column (sum of transactions in this period, which doesn’t include the effect of the opening balance at the period start)?
Hi
Sorry, it is Chart of Accounts that doesn’t match Trial Balance and Balance Sheet run on the same date. The figures on Chart of Account are wrong. The one on Trial Balance (last column for closing balances) and Balance Sheet are correct. I am s sorry for the confusion cased by my earlier mistake.
Then it will be the reason I alluded to in my previous message - the CoA is the same as the middle column of the TB. It doesn’t show balances, it shows the sum of transactions on each nominal during the period you’ve specified, which needs to be added to the opening balance at the period start in order to get it to match the balance sheet.
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Ok, thank you. But what about P&L not matching Trial Balance figures (again run on the same date)? General Purchase nominal on TB should be the same as on P&L, but there is not. Consequently when I transfered figures from TB to my Accouting Production program I got different profit to the one which is available to see in P&L in QF.
Again the P&L isn’t showing balances, it’s showing the total of transaction values on each nominal during the period covered by the report - if you haven’t yet run your previous year end then the balance on the P&L nominal accounts will include the previous year values as well as this one, but the P&L report will only show the current year.
Hi
The problem is this is the first year of Accounts for this company in Quick File. Regarding the previous year I have only entered into QF opening balances but there are not opening balances for general purchase or any expense nominals when these are the nominals with discrepancies compering to TB. Any other idea what might cause them?
Hi
I have notice that my topic has been closed and due to that I haven’t received any response to my last post. I have copied and pasted or latest conversation below then:
"Ok, thank you. But what about P&L not matching Trial Balance figures (again run on the same date)? General Purchase nominal on TB should be the same as on P&L, but there is not. Consequently when I transfered figures from TB to my Accouting Production program I got different profit to the one which is available to see in P&L in QF.
Again the P&L isn’t showing balances, it’s showing the total of transaction values on each nominal during the period covered by the report - if you haven’t yet run your previous year end then the balance on the P&L nominal accounts will include the previous year values as well as this one, but the P&L report will only show the current year.
Hi
The problem is this is the first year of Accounts for this company in Quick File. Regarding the previous year I have only entered into QF opening balances but there are not opening balances for general purchase or any expense nominals when these are the nominals with discrepancies compering to TB. Any other idea what might cause them?
Hi @Iwona1,
I have re-opened your old thread and copied your recent reply to it so that it keeps everything in one place.