Hi im trying to do the end year process and when i click save i get an error that says the credit and debit totals do not balance, i dont know what ive done wrong the only thing i can see wrong is the sales are in red and the purchases are in green shouldn’t that be the other way round ?? i used the default codes to do my book keeping so i dont get it my accountant has done my end of year accounts but this side is down to me any help would be great.
thanks
The year-end tool just posts a journal, but as with any journal the debits and credits need to match.
No. During the course of the year sales post as credits in the sales nominal accounts and purchases post as debits in the purchase nominal accounts. The end of year process aims to zero your P&L nominal accounts ready for the next year and transfer the headline figure to the balance sheet, so the year end journal needs to credit purchases and debit sales.
mines how it is in the pic above im new to all this so what you said just went straight over my head haha all i know is that everything was looking good til ive gone to the year end jounal and when i click save its saying that things dont balance and that the error is marked in pink
I can see a year end journal on your account for 05/04/2015, so it does appear that you managed to complete the year-end up to this date.
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