FAQ Number : E9                                        Latest Update: 1/9/03

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 balance sheet does not balance at the year end, it is likely to be due to entries being made with an inappropriate date.

The Importance of Dates at the Year End

The date is particularly important when processing batches of receipts where the money is received at the end of the financial year but not banked until the start of the following. In this situation YOU MUST either enter a date for banking before the year end, or change the receipt date for each transaction to after the year end. If you do not, then at the year end point your BALANCE SHEEET will not BALANCE. Therefore, receipt date and banking date must be within the same year.

To check if dates are the problem:

Print a Balance Sheet with today’s date as the ‘To’ date. If this balances, then dates are the problem.

To correct:

Use the Hard Copy you printed of Receipts banked, and identify the transactions causing the problem – this will probably be the Banking that was entered just around/after year end.

If some of the individual receipts were dated pre-year end, but the banking dated post year end you will need to change one or the other to put both into the same financial year.

To change transactions to post year end, enter a series of negative receipts dated pre year end with equivalent positive receipts dated post year-end.

Alternatively, to change the banking date to pre-year end contact Istek support who will help you with this change.