Generally Receipts and Payments a/c
Opening balance
+ Receipts
- Payments
should be equal to closing balance
Are there any reasons for variance in closing balance ?
......
11 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 June 2022
Receipt from FA / loan also required to be shown
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 30 June 2022
It's all already accounted, bank balance matched , cash balance matched in ledgers but R & P balances doesn't
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 June 2022
There is some entry not accounted for in R&P
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 01 July 2022
That is the not reason since Bank and cash and balance matched
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 01 July 2022
Only matching of cash and bank balance doesn't guaranteed perfect receipts There are various other transaction need to be accounted for in Receipts & Payments.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 02 July 2022
Journal entries will not come Receipts and Payments.
Only either cash or bank receipts can come to receipts and payments account
Only either cash or bank receipts can come to receipts and payments account
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 July 2022
Yes but may be some receipts and payment transaction ommitted to show
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 02 July 2022
Read the previous comments once again..Cash and bank balance tallied..How can these match if transactions are omitted
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 July 2022
Only omitted in R&P Account
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 03 July 2022
Finally we found that it's a technical issue in govt accounting software and escalated to software developer for back end report
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 03 July 2022
You need to mention that you are asking in software, I thought you are preparing it manually
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