Closing off accounts

edddd1

Hi-

Can anyone advise how to close of an account, ie an Admin expenses account, if it shows b/d figures and c/d figures both sides (debit and credit sides)

Thanks

TidalMilky

you dont really close off these accounts as any unpaid expenses will be brought down into the next financial year

I assume if all expenses were paid during the financial year the brough down figure would be zero.

edddd1

The reason I ask is that it was a question in the FRA simulation I took. I have no idea- and had never seen it before, with balance bought downs on each side, a bank entry on the debit side and then carry down figures both sides.

I was, and still am, stumped.:confused1:

Bluewednesday

Possibly an accrual? I have seen it done like that