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Receipts and Payments A/c difference

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CFO- at NHTF
58280 Points Posted on 30 June 2022
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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On 30 June 2022 at 08:04 Report
Replies (11)
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Chartered Accountant
86505 Points Posted on 30 June 2022
Receipt from FA / loan also required to be shown
814 Reply
On 30 June 2022 at 13:07
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CFO- at NHTF
58280 Points Posted on 30 June 2022
It's all already accounted, bank balance matched , cash balance matched in ledgers but R & P balances doesn't
59 Reply
On 30 June 2022 at 15:06
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Chartered Accountant
86505 Points Posted on 30 June 2022
There is some entry not accounted for in R&P
814 Reply
On 30 June 2022 at 22:36
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CFO- at NHTF
58280 Points Posted on 01 July 2022
That is the not reason since Bank and cash and balance matched
59 Reply
On 01 July 2022 at 07:29
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Chartered Accountant
86505 Points Posted on 01 July 2022
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.
814 Reply
On 01 July 2022 at 22:21
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CFO- at NHTF
58280 Points Posted on 02 July 2022
Journal entries will not come Receipts and Payments.

Only either cash or bank receipts can come to receipts and payments account
59 Reply
On 02 July 2022 at 07:23
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Chartered Accountant
86505 Points Posted on 02 July 2022
Yes but may be some receipts and payment transaction ommitted to show
814 Reply
On 02 July 2022 at 19:04
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CFO- at NHTF
58280 Points Posted on 02 July 2022
Read the previous comments once again..Cash and bank balance tallied..How can these match if transactions are omitted
59 Reply
On 02 July 2022 at 19:37
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Chartered Accountant
86505 Points Posted on 02 July 2022
Only omitted in R&P Account
814 Reply
On 02 July 2022 at 23:48
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CFO- at NHTF
58280 Points Posted on 03 July 2022
Finally we found that it's a technical issue in govt accounting software and escalated to software developer for back end report
59 Reply
On 03 July 2022 at 06:52
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Chartered Accountant
86505 Points Posted on 03 July 2022
You need to mention that you are asking in software, I thought you are preparing it manually
814 Reply
On 03 July 2022 at 17:15


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