Summation Error

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FAQ : Is there a calculation error when it should cumulate to 600.00 with ending balance as at 30th April 2016?
 
 
 

 

 

Answer : Refer to the company's financial period, the year end is March of each year.

 

 
 
 
 
When cross over to a new financial period, all accounts classified as Profit and loss item, the balances accumulated will not be carried forward to the new financial year.
              In this case, the financial year ended March 2016. April 2016 will start as a fresh new total with the first transaction on the 30th April 2016.
 

 
 
    For Balance Sheet item, (example, bank accounts), it will be accumulated to the new financial year.        

 

 


 

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Create date : 10/5/2017