Hello, I think I have gone a bit number blind so was hoping for some advice. I have just completed an excel spreadsheet year end accounts and my balance sheet is out by £11000. This was the net value of a purchase made in December, it was an "in and out" purchase, so did not sit on stock, and has been included in the P&L as part of cost of sales. Why then is my balance sheet showing as being out by this amount? If I add it into stock, it balances, but as previously mentioned, it's not a stock item? I have gone back through the accounts to make sure everything has been included where necessary, and now feel that I am just going round in circles. Help please?
How did you record your purchase? If you recorded it as a purchase under cost of sales it won't have hit the balance sheet, so I'm wondering if the spreadsheet has treated it as a stock item. Have a look at the original entry, where is the spreadsheet sending it to?
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
By out by 11k I assume that you mean that its out of balance by 11k rather than siimply 11k out from what you expected but still balances.
Do you want to remove any name reference to the business to which this relates and send me a copy of the spreadsheet and I'll see if I can spot anything obvious.
send to email address << removed for security as not required by poster >> and post on here to say that its sent (one or two emals have disappeared off to the spam filter recently).
I assume that the balance sheet is part of the spreadsheet and is automatically generated from the line entries?
Shaun.
-- Edited by Shamus on Thursday 29th of September 2016 07:14:14 PM
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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.
Thank you for you help, I really appreciate it. It actually doesn't balance and it is out by exactly the amount of the invoice (as it is slightly over 11k). It is a rather large spreadsheet and so thank you for your kind offer but it would take forever to attach as my computer has seen better days. The balance sheet is automatically updated so I will take one more look and see where the formula has not worked.
Thank you for your help John, it was recorded as a cost of sales and only allows me to balance if the item is included as stocks, which it is not at year end. I am guessing the formula has failed somewhere so will keep looking.
These are the entries that have been made, the spreadsheet is on excel:
dr expense account cr creditors control
dr creditors control cr bank account
dr P&L cr expense account
So why oh why is my balance sheet thrown out by the amount of the expense? It shouldn't affect the balance sheet as no other entry in the same expense account does? The total of this expense account is reflected in the cost of sales figure so I do not understand why this one entry has been isolated? I must be completely number blind as I just can't see it? This is a tried and tested spreadsheet which has malfunctioned (obviously at the hands of the user!) but I just can't see where.
Please help, I appreciate all comments and suggestions?
Could be something entirely unrelated to that entry, just co-incidental it's that amount. So maybe a couple of things. Bit difficult to say without access to the workings.
Is there no way you can get it across to Shaun? He is a complete whizz with spreadsheets and will probably spot it from a mile off in minutes. Grab the chance whilst you can , he is a very busy man.
-- Edited by Cheshire on Thursday 29th of September 2016 09:35:20 PM
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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
Thanks for your post Joanna. Shaun, if you are still happy to look, I will see if I can borrow a computer that doesn't require winding up and send it across? I'm going round in circles with it and need to get it submitted?
no probs. throw it across to << removed >> and let me know when its sent in case the spam filter gets over eager again.
As Joanne says I'm bombed at the moment so I'll need to slip it in between jobs. Should still be under 24 hour turn around but I wouldn't be able to guarantee an actual time.
kindest regards,
Shaun.
-- Edited by Shamus on Friday 30th of September 2016 05:24:17 PM
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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.
no probs. throw it across to email (removed) and let me know when its sent in case the spam filter gets over eager again.
As Joanne says I'm bombed at the moment so I'll need to slip it in between jobs. Should still be under 24 hour turn around but I wouldn't be able to guarantee an actual time.
kindest regards,
Shaun.
Oh, Im soooooooooooooo sorry to encourage anyone to add to your workload. Especially as that will now probably mean that you can now spend less time with your favourite people on a Friday night.
-- Edited by Cheshire on Friday 30th of September 2016 06:14:27 PM
__________________
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
I'm sorry too for adding to your workload. I've sent it across, the subject heading is Spreadsheet for checking - imaginative I know. Please don't spend too long on it, I do appreciate your help though.
Thanks
Emily
I've only had chance to give it a quick once over but I've spotted a couple of things for you to check out that should put you on the right track (nothing to do with inventory).
As suggested in the email I think that going forwards you should look seriously at moving from Excel to VT Transaction+ as that spreadsheet has really passed its sell by date.
Good luck with it Emily and hope that helped,
kindest regards,
Shaun.
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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.
Lol, your not ignored John. I've been busy beating my PC with a large tree branch in much the same way that Basil faulty punished his car
The tone and frustration evident in basils voice was quite similar to mine this morning, lol.
From a fellow reprobate
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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.
As suggested in the email I think that going forwards you should look seriously at moving from Excel to VT Transaction+ as that spreadsheet has really passed its sell by date.
Shaun.
Hi Emily
I seemed to recall that you are a sage user - is this not one you can add to sage - must make it easier? Or was it another clients own sage? I would agree that you should perhaps get your client to look at VT. The cost is minimal and will be re-couped in the time it will save you in the long run. If you are worried about learning to use it - dont be, they have some good help files and there are a few on here who use it (OFTEN) and can help you out.
Or even consider sage instant (perpetual licence), if you feel more comfortable going down that route (as a client purchase. It would be no good to you for other clients)
__________________
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
LOL I've only seen a couple of episodes, but I do remember that one.
Good morning boys
Very funny vid. Was just thinking - look how quiet that street is - not a single car went past the whole time he was beating the car. No chance of that now.
There were actually only 12 episodes made believe it or not, so you have only got a few to catch up on John!
__________________
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
and to help me understand a bit better.
