Question asked by Melody 8 years ago
Hello,
I'm a complete newbie to CB and have set this up for a community project. I can only imagine I must have captured an entry incorrectly but I can't see why the bank balance is different to the profit available. Any suggestions?
Also, I need to see the full value of each invoice/receipt but when I look at the detailed ledgers all figures are rounded up or down - can I change that?
Many thanks
Hi again Melody - have you tried searching for the entry in the search bar at the top? You can usually type in a name or description to get a list on invoices, bills, bank entries etc.
If you really can't find something, it's probably best to send a ticket into support as they can login to your books to track it down.
With regard to the Balance sheet showing only rounded figures, this is conventional and also, to show this, or the P&L account, with pence, would mean you have to scroll across the page to see all the months. To show both the P&L and balance sheet accounts in pence, at one date, use the Trial balance report.
Best answerHi Melody - without being able to view your books it's difficult to be precise but, in general terms, the vast majority of accounting takes place on what is known as an "accruals" basis, ie items of income and expense are recorded in the books when they happen, not necessarily when they are reflected in the money that comes into and goes out of the bank account.
In simple terms, it means that income is represented by invoices sent out and expenditure by bills received. So, if I start my business and in the first month, raise invoices for £1,000 and receive bills from suppliers of £700, I've made £300 profit, regardless of how much of that money has been paid into, out of, the bank.
In addition to the above confusion, I may well have started my business bank account with £100 of my own money, effectively as a loan, to be repaid when the business is up & running. As a loan, this £100 is not income and so does not add to the profit.
I'm afraid I don't understand what you mean about the rounded up/down numbers, can you be more specific?
Hi Paul,
Thank you for your support. I remember something about retained income... I realised I had incorrectly created an account as a share holder and I think it was when I loaded an invoice to that account, that the difference between 'income' and 'bank' that I refer to, was generated. However, I can't see where to look up 'retained income' as part of a directors account to reverse the entry as I don't know which entry it was that generated this 'retention'. I've confused myself!
When I look at the balance sheet, all amounts are shown in £ with no pence. eg £50.00 as opposed to £50.78
Many thanks
Hi again Melody - have you tried searching for the entry in the search bar at the top? You can usually type in a name or description to get a list on invoices, bills, bank entries etc.
If you really can't find something, it's probably best to send a ticket into support as they can login to your books to track it down.
With regard to the Balance sheet showing only rounded figures, this is conventional and also, to show this, or the P&L account, with pence, would mean you have to scroll across the page to see all the months. To show both the P&L and balance sheet accounts in pence, at one date, use the Trial balance report.
Best answerThank yo so much!
You must 