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Post Info TOPIC: Year End Error
Vix606


Veteran Member

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Posts: 25
Date:
Year End Error
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Hi everyone 

I just wondered if someone may be able to advise me on how to fix this problem;

I have taken over from a previous bookkeeper for a customer who uses Kashflow, I have just been looking at her YE reports and the balance sheet shows the P&L A/C with a balance of £19,203.97 but the P&L Report shows the net profit as £19,363.97. So a difference of £160. I also noticed that the sales A/C currently shows a credit balance of £160. 

After speaking to my customer about the accounts generally I have found out that the payments relate to 2 invoices for appointments that were cancelled, but had already been factored into the YE. So now I am left with a retained profits account with a balance that is £160 short, and a sales acc with an incorrect credit balance.

What is the best way to remedy this please  hmm

 

 



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Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Have the year end accounts been submitted? If yes and its not material I would leave it as it will be a wash at the next year end.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Vix606


Veteran Member

Status: Offline
Posts: 25
Date:
Permalink Closed

Hi Jo

The year end accounts have been submitted so I guess I'll just crack on and try to sort it at the next year end.

thanks


__________________
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

It should sort itself tbh.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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