I have been given figures from client (who has sage) and the entries on the trial balance are bought forward from 3 years ago approx. The bottom entries are the correct figures.
What is the best way to deal with this please.
N/C Name Debit Credit 0030 Office Equipment 2275.49 1100 Debtors Control Account 310.00 1101 Sundry Debtors 75.00 1200 Bank 1754.48 1210 Bank 2 6.60 1230 Petty Cash 32.72 2100 Creditors Control Account 762.00 2210 P.A.Y.E. 1345.57 2211 National Insurance 1553.79 2220 Net Wages 579.30 2301 Loan to Company 5163.59 3200 Profit and Loss Account 15965.66 3300 Capital Introduced 2290.00 3310 Drawings 20664.48 0.00 26389.34 26389.34 N/C Name Debit Credit 0030 Office Equipment 776.71 1100 Debtors Control Account 310.00 1101 Sundry Debtors 1200 Bank 1754.48 1210 Bank a/c 2 6.60 1230 Petty Cash 32.72 2100 Creditors Control Account 762.00 2210 P.A.Y.E. 286.40 2211 National Insurance 2220 Net Wages 2301 Loan to Company 2200.00 3200 Profit and Loss Account 204.91 3300 Capital Introduced 3310 Drawings 0.00 0.00 3166.91 3166.91
Sure that others will be able to read that but to a dyslexic like me the above letters and numbers dump is like kryptonite to Superman.
If you are having difficulty with formatting drop the formatted page into paint, crop it, save it as a jpeg and then use the advanced editor to paste here.
HTH,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I'm not sure where to start as there are many questions around what use, if any, has been made of the "incorrect" figures in returns made over recent years. For simplicity I'm going to assume that HMRC and Companies House have received correct information, only Sage requires correction / "dealt with".
On the face of it a correcting journal to the year end date three years ago could put you on the right track. There's no difference on Bank, Debtors Control, Creditors Control or VAT accounts so all the matching/reconciliations should be OK. Such a journal, involving only balance sheet accounts, should leave subsequent years unaffected and correct the situation. As always, take a backup before you touch anything and make sure everything looks OK before you invest time in subsequent processing.
As with all of these sorts of things I'm always intrigued to understand how the misstatements arose. Mistaken deletions? Mistaken postings? Stopping this situation arising again would be the motivation here.
This may not be what you were asking about but, if not, maybe you could be a bit more specific about what aspect you're looking for advice to "deal with"?
It sounds like no opening balance figures (in sage) have been given to my client to clear down the old year and start afresh. Do you think I should just do journals to bring the old figures in line with the new ones.
