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FrontAccounting forum → Banking and General Ledger → Closing year not balancing.
Hi
I've just closed my first fiscal year with front accounting. Everything looks fine and the temporay account have been clear.
However the general account haven't been balanced, I mean, the debit and credits 've been brought forward separately instead of just bringing the balance forward.
Is it normal ? (or a bug or is there a setting to only bring the balance ? )
/Elax
Are you sure it is done correctly.
The Trial Report should tell you about that. Remember that the Open Balances for non balance account is starting at 0 at the beginning of the fiscal year.
/Joe
I'm not sure what you mean by done correctly (or how can I check it).
I selected the fiscal year, set close to yes and saved it.
That generated one journal entry from Profit and Lost to Retained Earning which seems.
My problem is when I go to Trial Balance (not trial report) starting at the beginning of the fiscal year, I am expectind the Brought Forward value to be the opening balance with either Debit or Credit being null but that's not the case.
All the non balance are reset to 0 which is fine, but for the example the Stock show, 150 | 50 instead of 100 | 0.
It's the same for the bank accounts anything else.
/Elax
Please take a Trial Balance from the beginning of your company year. The first year to see if the balance is ok.
/Joe
That's what I've done.
However. It seems that what I want is deleting a year would do (but without deleting it).
I had a look at the code and nothing (neither in closing year bit or the trial balance code) is calculating the opening balance at the begining of the fiscal year.
I explain, let's say last year I have
Stock 150 | 50
and I have done this year (but before the end of the period) 20 | 10
I expect the Trial balance to be
Stock 120 | 10 ( I started with 100 | 0 and add 20 | 10 to it ) instead of
Stock 170 | 60
Obviously if I start the report at the beginning of the year I expect
Stock 100 | 0 20 | 10
but I get
Stock 150 | 50 20 | 10
/Elax
I don't understand this. This routine has been running for a long time and has been working perfect.
Please remember that non-balance account shows 0 as opening balance if selected from the beginning of the fiscal year.
Joe
I think we are not understanding each other.
I know that non-balance account show 0 as opening balance if selected from the beginning of the year.
My question is about balance account and I don't know if the current behavior is correct or if its bug.
So my question is :
Let's say I have at the end of the year in bank : debit 150 credit 50 before closing the year.
After closing the year (imagine I have no other transaction ) what should I see as brought forward
(1) Debit 150 Credit 50
or
(2) Debit 100 Credit 0.
/Elax
If it's a non-balance account, you should see 0 brought forward.
What is the type and class of the account?
Do you mean stock as in common shares? If so, wouldn't this be properly accounted under equity or liabilities?
If it's a non-balance account, you should see 0 brought forward.
If you read my question carrefully, you should notice that I said
I know that non-balance account show 0 as opening balance if selected from the beginning of the year.
My question is about balance account ...
Therefore I don't need any explanation about non-balance account.
I said "balance account", like a bank account or anything which is
What is the type and class of the account?
Do you mean stock as in common shares? If so, wouldn't this be properly accounted under equity or liabilities?
The problem appears with any-type of balance account so for example Bank current account (class : Current Asset)
/Elax
Apologies for not reading your question closely enough. No need to be *too* grumpy and snappy.
Looking at a test database in which I had closed a fiscal year; and generating a trial balance report from the first day of the new fiscal year, it looks like my version is resulting in the first scenario you described above - ie, it's showing debits and credits as the 'brought forward' amount.
If you mark the checkbox, Only Balances, you will probably see better values. Here you see the balances broight forward.
If the checkbox is unmarked, you will see the debit values and credit values brought forward.
@elax
Was this explanation better?
Joe
@joe
Is think my question is clear and I don't understand why people can't answer it. In my example below, which is behavior is expected (1) or (2) ???
/Elax
@elax
I will try once again.
Both values are correct. The result depends on how you have marked the checkbox, Only Balances. If you have not marked the checkbox, the answer is (1).
If you have marked the checkbox, the answer is (2).
Joe
Ok
I think "closing a year" should give option (2) whatever the checkbox is marked or not. I'm not saying in the general case but
in Brought forward columns, when I am on the first day of the fiscal year.
Moreover, I'm not saying that the 'brought forward' column should only show the balance and don't have a debit and credit column.
What I mean is the part corresponding to the previous fiscal year should be "balanced".
Basically, if I look at my current bank account (for example), what I need to see in the brought forward is the closing balance of this account.
As example seems to be useless I'll give you the pseudo code which I think should be :
rather than displaying :
balance(begin, from)["debit"] | balance(begin,from)["credit"]
The trial balance should display something like
balance(begin, from)["debit"] - opening_balance | balance(begin,from)["credit"] -opening_balance
with opening_balance = balance('000, begin)["debit"] - balance(000, begin)["credit"]
(Once again, it's pseudo code but I hope you get the idea)
/Elax
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