i have just had my accounts independently inspected and there was a discrepancy between QF and bank of £285 that I cannot identify as it was from a previous year when the accounts had not been closed off.(QF showing more than Bank.) how do i write this off so the new year will show the same totals in QF and the bank. and do I do this before or after running the year end tools? Iam a newbie at this and so please simple instructions for dummies!!
Depends what that 285 quid difference was. If it was money previously drawn then you could create an adjustment transaction and tag it to drawings or directors loan account. If it was purchases well then you’d need to establish what purchases they were and tag the payment to them. Not a simple answer.
THE 285 was from a previous year and i cant find it. likely purchase/payment to a supplier but cant identify what would have been more than one. so not sure what to do.
If you can’t identify the purchase, or supplier then it would be disallowable anyway. So tag it to drawings.
The person who independently inspected the accounts, what did they say to do?