QUESTION : TALLY DATA WAS TRANSFERRED FY2013-14 TO FY 2014-15. NOW I AM FINISHED FY 2014-15. IN BALANCE SHEET SHOWS SOME AMOUNT AS OPENING BALANCE DIFFERENCE. WHAT IS THIS? PLEASE EXPLAIN AND HOW TO ADJUST? THIS IS MY FIRST YEAR (FY 2014-15). SO PLEASE EXPLAIN BASICALLY..AND HOW TO PREPARE A BALANCE SHEET?
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Opening balance difference
Replies (10)
I think the opening balance is not carried forward to new company properly, find out which one is missing, enter the same manually for that account
Refer final tally backup of FY 13-14.. Then match the opening balances.
Next time, keep it in mind, opening balances should be corrected at very beginning of audit and not at the end.
All the Best.
Dear Gunashekaran just take print of trial balance of f y 2013-14(closing balances) and financial year 2014-15(opening balances) and compare manually, it is very basic mistake that has arose, can be solved by looking both trial balances .. Good luck.
Dear Gunasekaran just take print of trial balance of f y 2013-14(closing balances) and financial year 2014-15(opening balances) and compare manually, it is very basic mistake that has arose, can be solved by looking both trial balances .. Good luck.
You just take a print of Trial Balance of PY and then check whether all opening balance are properly carrierd forward or not.Check in TB debit and credit total should be same for the respective years.
Check the closing stock value
just take it p.y trail balance with opening, transaction , closing balance and cross tally with current opening balance
Match p.y closing balance with the current year opening balance. And correct the variances, if any.however there could be reason for difference between closing
And opening due to transactions taken place on 1 apl 2014 becoz of that closing of py will differ from opening of c.y. you can check it through bank statement . Gudluck.
THANKS FOR ALL OF THEM FOR YOUR VALUABLE REPLY. I HAVE A OTHER DOUBT REGARDING YOUR REPLIES.
WHEN CHANGING THE BALANCES AS PER PY C/B TO CY O/B. SOME OF THE HEADS MENTIONED AS LOANS AND ADVANCES (ASSET) IN PY, BUT CY HEADS COME UNDER SUNDRY CREDITORS / DEBTORS..IN THIS CASE IT IS ANY REASON FOR OPENING BALANCE DIFFERENCE.
don`t worry, the difference will be nothing but stock. pls check yur balance sheet and enter the stock value in tally, in opening stock ledger.
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