What are the instances which can be the reasons for mismatch of Receipts and Payments Account closing balance balances of Cash and bank ?
If BRS is matched then what reasons can make the mismatch?
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Receipts and Payments account closing balance
Replies (19)
Quick Summary
May be mistakes in recording transactions in the Receipts and Payments Account
Receipts and Payments account is system generated based on the entries posted.
Balance Sheet figures correct but R & P account has some issue
Balance Sheet figures correct but R & P account has some issue
If it is tally, BRS will tally when we update the bank date. But Receipts like debtors and payments like creditors need not match because Expenses are not equal to incomes.
But Balance sheet figures and R & P closing balances should match
I'm very sorry forgot your accounting structure is R&P for NGO's. I have gone through it and if your bank reconciles, then all payments and receipts are accounted for precisely. But there is no law that balance sheet debits and credits must tally. Since R&P is real accounts the balance must be carried to next period.
But my query is only on Cash and bank closing balance s as per BS and RP and I have not asked all assets and liabilities
Got it! I browsed and the payments and receipts and it does look hard to get it. From the screenshots it looks hard to find out the discripency
https://help.tallysolutions.com/docs/te9rel66/Reports/Display_Financial_Statements/#gref
Generally it will match in tallyerp. But mine is govt organisation. They use different software
I mean I'm not worried about me know unable to understand it, but anyone observe that in the receipts column, there is sundry creditors posted and added to tally R&P. No one can understand it as per the standards.
Or maybe receipts and payments analysis is a ledger in Tally ERP 9. It was not suggested as well.
All cash and bank receipts, payments made during financial year will reflect in R & P a/c .
So Opening balance + receipts - payments= closing balance, this reflects in R & P a/c
So Opening balance + receipts - payments= closing balance, this reflects in R & P a/c
Great! When we transform this formula into a ledger, the B/D balance is the resultant.
Only Payments made and amounts received: Corresponding ledgers reflect in R & P a/c .
Journals, Purchase , Sales these entries may not reflect unless cash and carry.
But in my case closing balance is not matching in R & P .
Might be programming error or technical issue.
Even developer of internal software unable to trace it
Journals, Purchase , Sales these entries may not reflect unless cash and carry.
But in my case closing balance is not matching in R & P .
Might be programming error or technical issue.
Even developer of internal software unable to trace it
It is a big programming error to presume! Nothing can beat a clean ledger and ends all troubles in interpreting data. 5% know all of it and it is to eat up wages professional accountants. The drill down mechanism must work properly, if not, there is a big issue. I studied about mis in Oracle and it helps the strategic top management. But in this case, if the MIS pyramid doesn't work for you especially, there is something wrong with the world today!
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