Amount deducted from bank but not entered in tally

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2018 Our tally Bank Account for the F Y 2016-17 was closed without taking consideration of Bank deduction made in March Month.
After doing Bank Reconciliation there is i am getting same amount of Difference in btw my Tally Balance and Bank Balance.
Kindly let me know how can consider these transaction in Current Year.

Note: 1.Our 2016-17's Tally account is closed now, We cannot make any changes in that.
2.The amount deducted in March Month which is taken while preparing balance sheet.

Kindly do needful for the same.

Renu Goyal

Renu Goyal (Expert)

06 January 2018 For eliminating difference pass entry on 1.04.2017 and show it as prior period expenses.

Renu Goyal

Renu Goyal (Expert)

06 January 2018 For eliminating difference pass entry on 1.04.2017 and show it as prior period expenses.

Vivek Hebbar

Vivek Hebbar (Expert)

09 January 2018 Dear Anonymous. Based on the information provided by you, I assume that the financial statements do not match with Tally while closing and signing March 2017. The situation would be that the bank account and the expenses would not match. Since the expenses account are net off against income and the balance amount carried forward in the balance sheet under "Profit and Loss Account balance", the entry to be passed in the current year would be to debit bank account and credit "Profit and Loss Account". That would match the opening balances of Tally with the signed financials of March 2017.

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