Question

issue with Trail Balance

  • 22 December 2021
  • 1 reply
  • 76 views
N
Rank
Userlevel 4
Badge +7

Hi All,

 

I am facing issue with Trail balance.

 

Issue:There is a 0.01 difference in 2020 opening balance

 

2019 Trail balance closing “0”



​​​​​​Financial year 2020 Opening balance
how to resolved the opening balance 0.01 difference.Please help
​

 

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1 reply

T
Rank
Userlevel 7
Badge +18

Hi, 

Did you run a final year end?  I suspect it was not run.  IFS requires the balance sheet to balance at file year end. My guess is someone moved profit to equity and .01 was the difference.  You can do a journal entry in period 12 (or 13) and rerun the preliminary year end.  Then at some point, complete the year with a final year end. 

Best regards, 

Thomas

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