I have inputted 6 months of figures into my quickfile account but when I prepare a profit and loss report the figure here is different from the one created by the balance sheet. In my chart of nominal accounts everything balances.
I’m at a loss to explain it. Any ideas?
If there are transactions posted in the previous financial year, these will be included on the Balance Sheet under ‘Capital and Reserves’, if you go to the P&L Report and select ‘All Time’ for the period, you will now see that the figures match the Balance Sheet:
Once the previous financial year is closed off, the P&L figure for that year will be moved to ‘3101 - Retained Profit & Undistributed Reserves’, you can run the year end process for previous financial year using the ‘Simplified Year-End Tool’, which will assist to automate the process.
Many thanks Joe, Sorted now
Excellent, glad we could help.