Generally Receipts and Payments a/c
Opening balance
+ Receipts
- Payments
should be equal to closing balance
Are there any reasons for variance in closing balance ?
......
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Receipts and Payments A/c difference
Replies (11)
Quick Summary
Receipt from FA / loan also required to be shown
It's all already accounted, bank balance matched , cash balance matched in ledgers but R & P balances doesn't
There is some entry not accounted for in R&P
That is the not reason since Bank and cash and balance matched
Only matching of cash and bank balance doesn't guaranteed perfect receipts There are various other transaction need to be accounted for in Receipts & Payments.
Journal entries will not come Receipts and Payments.
Only either cash or bank receipts can come to receipts and payments account
Only either cash or bank receipts can come to receipts and payments account
Yes but may be some receipts and payment transaction ommitted to show
Read the previous comments once again..Cash and bank balance tallied..How can these match if transactions are omitted
Only omitted in R&P Account
Finally we found that it's a technical issue in govt accounting software and escalated to software developer for back end report
You need to mention that you are asking in software, I thought you are preparing it manually
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