I have taken over the books for a non profit club account for me to act as treasurer (voluntary ).
I have put the opening balances in to Sage as at the last Statement of Funds, Assets & Liabilities report as at 31st December 2010.
Was all looking good with the accrual reversals done, everything balanced then I looked at the bank statement.
The balances on the current account and the deposit account as at 31st December are different to the balances on the trial balance statement. Not by much - £306 and £98 respectively.
Any ideas as to what to do.........being a perfectionist I don't want to carry this imbalance when doing a bank rec each month.
Previous books were done on proper ledgers (going back to the 60's) and previous treasurer is incognito so can't ask him.
Many thanks for help, posted to accruals in anticipation.
Are there any un-presented transactions? ie perhaps a cheque loaded on Sage towards end of December and but didnt clear the bank until January or perhaps bankings done inbetween xmas and new year than didnt clear til January?
This is probably the most likely reason if you haven't already checked.
Otherwise, check the opening balance. If nothing there, then only other way is to check the whole year and post an adjustment as at 1st Jan 2011 to correct it.
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