I am preparing my company accounts for end of year at the end of this month.
I have discovered that the bank balance at the end of the 2015/6 year is wrong, the figure in Quickfile is more than the amount in the bank.
How can I correct this on Quickfile please?
The best thing to do is to use the recon tool to identify if there are any errors in comparison to your bank statements.
You may be able to find the exact date something went wrong. If your bank on QuickFile is missing transactions, then you could correct this yourself. If however everything is on-par, then please let us know and we’ll take a closer look for you.
Many thanks for your reply. The error would have been in the previous trading year which is now locked. I need to adjust the balance in the current trading year so that the error will be corrected on this trading years accounts and tax return.
You can unlock the year end if you need to, which would allow you to correct the error. However, this may affect your balance sheet at the end of those years.
There’s more details on this here:
Thanks for that. That won t allow me to correct the error on this trading years accounts and tax return.
If you have an erroneous entry on a previous accounting period that is now locked, unlocking that year and fixing the data will certainly filter through to this year, as bank balances (like all ledger balances) are cumulative from one year to the next.
Personally I would journal in an adjustment to the bank for the first day of this new accounting period.
Thanks Glenn, I will go for the journal option.