Brought forward amounts at the start of the current accounting period do not match the carry forward amounts in the comparative period

TaxCalc will show any errors that will prevent successful submission of the accounts to Companies House on the Check and Finish page within Accounts Production. The error messages that are displayed appear based on postings made, which should match between the current and comparative accounting period. If you receive a Check and Finish warning message in Accounts Production regarding any discrepancies in the brought forward (b/f) and carried forward (c/f) figures, you will need to rectify them before submitting the accounts to HMRC.

Rounding Differences

If the accounts have been generated using pounds and pence, this may sometimes result in a difference of £1. This will be down to how the rounding has to be applied. Items that show separately in the comparative year will be rounded independently. When the amounts are carried forward into the current year they are amalgamated before being rounded. Please see the worked example below:

In order to correct the £1 difference, you need to create a journal entry in the current year (2015) postings:

Credit £0.20 to Motor Vehicles – cost.
Hide the £0.20 debit in another account (for example, Sundry Expenses).

Should you wish to change the Profit and Loss account in which rounding differences are being applied, go to Postings > Rounding differences > Choose Account

If you would like to assign the Balance Sheet rounding differences separately, go to Postings > Rounding differences > *Tick* Apply advanced rounding rule > Choose Account (bottom one)

Mis-postings

A difference greater than £1 implies a mis-posting. To resolve this, make sure you have posted to the correct b/f codes:

• For a fixed asset, make sure that additions and depreciation charges for the year have gone to the correct code in the current year and not to the b/f account codes.
• For the profit/loss account, check that you've posted to the correct b/f code – 8000 and 8030 for prior year adjustments if applicable.

NOTE: If you originally generated opening balances automatically within the posting screen and changes have since occurred in last year's trial balance, you will need to regenerate the opening balances:

1. Delete the opening balance batch.
2. Click on Bring forward opening balances.

The correct brought forward balances can also be confirmed by opening the previous period in Accounts Production and viewing the Full Financial Statements.