Hi there,
I have sent my 1st April 2015 to 31st March 2016 accounting reports to my accountant and they have tried to prepare the accounts however there is a big difference with the account statement on 31st March to my final figures.
They have asked me to reconcile - I have tried that from the system (within Natwest bank - inputting the above date range) but when I run it it tells me how much it’s short by but only shows figures up to 16/10/15 ?
Also, I don’t think I have used the Year End tool in previous financial year or this financial year - must I do that now ? Will it impact things if I need to adjust anything to correct the difference I am getting right now ?
Please can you advise urgently as I need to get this done within next week.
Many thanks in advance.
Kind regards,
Vik.
Hi @vikstar
You should run the year end tool each year as this would then create the journal to move the figures to a separate nominal code. Running it now for previous years shouldn’t be too much of an issue, however, the year end tool doesn’t create a final set of accounts.
With the difference in the bank account, the best thing to do is try small periods each time (e.g. a week or month, depending on how many entries you have). This should help identify where the issue is.
Hope this helps.
Hi, thanks for the quick response !
When I go into year end tool I notice the year ending date is showing 05/05/15 (I want to do year end for the last financial year) but my accounts year end was to 31/03/15. How does this work ?
Kind regards,
Vik.
It picks up the year end dates from your company settings. So, the first thing to do is check this in Account Settings >> Company Settings. There’s an option to enter your year end date there.
The year end tool will then let you go as far back as possible (e.g. to the earliest period that hasn’t been locked or previously run).