I've been using Solar for nearly a year now and it's great.

The accounts that I've taken over used to be done in a different package and (for a number of reasons) contained many errors. When these went to the accountants I think some more errors were introduced. To sort this out, I purchased Solar and created the accounts from the start of the business.

I have now submitted them to the accountants for this year and after a lot of discussion we have now got to a position where credits/debits etc for the new tax year are all correct. However my accountant says that my balancing account is out by around £3,000.

They have suggested that I can correct this using Journal Entries. I can't see how I can do this in Solar.

Any comments as to what the balancing account is might help and does it matter if mine and my accountant's figures are different, as long as the difference stays this way.

Thanks

Hello Glen,

Thanks for using Solar Accounts - I'm glad you like our software.

The balancing account (sometimes called 'suspense account') is a special account that is used to ensure that total assets always equals total liabilities plus total equity. For example, if you create a new business and set the opening Cheque Account balance to £2,000 and the Bank Loan balance to £500 then the system will automatically set the Balancing Account to £1,500.

The fact that this account does not match your accountant's balancing account suggests that there is also some other account which does not match. You will need to identify this other unmatched account, then record a General Transaction between that account and the balancing account.

I hope this makes sense - let me know if you need more information.

Regards,

Hi Mark,

Thanks for that, exactly what I needed to do. I got the figures from the accountant and have made the changes.

Everything is now sorted and so last years accounts are now complete.

Glen

Glad to hear that!

Cheers,