Hello,
I'm new to bookkeeping and solar accounts and I'm wondering how to deal with the following problem.
My tax year runs from 06/04 to 05/04. I made a purchase on the 5th April by debit card, therefore the receipt is dated the 5th but the actual date the money appears on the statement is the 6th, which is the new tax year. Clearly this not only upsets the bank reconciliation but also the opening balance of the new year will not be right according to the statements.
Does that make sense? How do I handle this mismatch please?
Thanks
Helo Frank,
The simplest solution is to just pretend that the bank statement shows the money appearing on the bank statement on the 5 April instead of 6 April. Calculate what the balance would have been at the end of 5 April and set that to be the opening Cheque Account balance in Solar Accounts.
Regards,
