FAQ Number : E3                                        Latest Update: 8/5/03

The Balance sheet shows the ‘real’ balance (ie including all unpresented items) held in each bank account and in petty cash.

The Balance Sheet derives its balances for the bank accounts from the Opening Balances set up against each Short Code + or – any transactions processed to the bank account.

If the total amount of cash and bank balances is correct but the wrong amounts show in each, then it is likely to be that Opening Balance transfers to petty cash or other school fund bank accounts were not entered at setup.

To correct:

Enter a Bank Transfer from the Main Bank account to Cash (and to other bank accounts if appropriate) to account for the opening balance position of Cash (and others). So if there was £50 in Cash at the start position, enter a Bank transfer of £50 from Bank to Cash dated the first date of period.

This will correct the Balance Sheet figures, but if you have entered any Bank Reconciliations, it will make this figure wrong.

To correct this, use the Opening Balance Corrector program. Contact Support for assistance.