Accounting Ideas

 

Merged idea

This idea has been merged into another idea. To comment or vote on this idea, please visit S1-I-3059 Opening balance figure for profit and loss accounts should be zero - currently this is not the case on the Nominal Activity report..

Opening balance figure for profit and loss accounts should be zero - currently this is not the case on the Nominal Activity report. Merged

2VOTED

The basic accounting concept of transferring the P&L balance for a year to the balance sheet needs to be adhered to in all the reports. Currently, the Nominal Activity analysis shows a closing balance figure that is incorrect (for the P&L account codes), because it brings forward previous year's balances too.

  • Guest
  • Jan 17 2023
  • One For The Future
  • Guest commented
    20 Jan 04:52pm

    The presence of a "balance brought forward" from the previous year on revenue accounts is at best confusing and could be regarded as plain wrong - this is a basic concept of keeping a nominal ledger.