DIY accounting Year End Accounting

[bobcollins]

In my Year End Accounting column in Trial balance, I have entries against new Fixtures and Fittings and new computers resulting in an Audit Accuracy Check error at the bottom of the column. I cannot locate the source of the error in Fixed assets.
The error message implies an incorrect manual entry to Fixed assets but as far as I can tell the entry in End of Year is just the original cost less sale value. Can anyone help please.
Bob Collins

[antonycc]

Hello,

For new fixed assets the most likely source is a difference between the original cost as entered in Fixes Assets and the purchase as entered in purchases against the code FA.

For a new fixed asset there should be the following entries:

• Fixed Assets - in the most appropriate group
• Purchases - using code FA
• Current Account (or other bank sheet) - using code CR for the payment

Check the FA Reconciliation sheet in Fixed Assets before trying to unpick the Trial Balance.

Thanks,

Antony.

[bobcollins]

Thank you Anthony for the help. However, I have carefully checked all the costs entered in Fixed Assets and Purchases and I have used the appropriate FA code in all cases but I still have an error in the check-sum at Year End Accounting exactly equal to the cost of FA purchased.
I have purchases of the Fixed Assets by using my personal cash and credit card and charging this to my Directors loan account. The Cash account is financed from my Directors loan account.
I have noticed that other than from Open Accounts, there are no entries in the Trial Balance for FA throughout the year until Year End Accounting even though the FA were purchased via the Cash Account using the correct FA code between January to July.
Are you able to help please?
Bob Collins

[antonycc]

Hello,

I think I'll need to take a look. Could you zip up and email us the whole DIY Accounting folder to terrycartwright@hotmail.com

Thanks,

Antony.