I have just done month end accounts and my balance sheet is out. The P&L account is showing a lower amount than last month even though the total on the P&L's this month was a profit. I think the difference is due to a transfer I made between accounts.
I transfered £7000 from a savings account into the normal bank account on sage. The balance sheet is showing £7000 as a liability which seems to be knocking out all of the other figures?
I am wondering maybe if I have transferred the funds over incorrectly as it definately is not a £7K liability??
How did you do the bank transfer? Did you do it via the Transfer facility in the bank module, or did you just do a journal? Also, what is the account that is showing a liability, the savings account or the normal bank account and is it actually showing under Current Liabilities or as a negative figure under Current Assets?
Also a point to remember is that the "Period" figure on the Balance Sheet shows the movement on that particular account during the period, not the actual balance on that account.
I am probably completely off the mark here, but is the Saving account in the Chart of Accounts? If not this would make your balance sheet not balance.
Regards
Kerry
EDIT - I believe I am completely off the mark, as it obviously isn't a new account and would have shown on your balance sheet previously, so forget about this post!
-- Edited by KerryB on Thursday 1st of March 2012 02:05:00 PM
I did the transfer through the transfer facility on the bank module. Ive had another look at this this morning and just at the right hand column.
I think its basically saying that we did HAVE £7000 savings but now this has been moved into the current account and used that is why the balance sheet has gone down.
It doesnt show as a liability as such, just a movement fo £7k, but the assett of £7K which we had has gone so the figures reflect this.
Both the Savings account and the Current acount should be showing under current assets on the balance sheet (unless they are in debit obviously). If you have just transferred £7000 from one account to the other, one should be £7000 less and the other should be £7000 more. Not sure exactly what you mean by the Balance Sheet has "gone down"?
