Balance sheet woes

brownem

Hello, I think I have gone a bit number blind so was hoping for some advice. I have just completed an excel spreadsheet year end accounts and my balance sheet is out by £11000. This was the net value of a purchase made in December, it was an "in and out" purchase, so did not sit on stock, and has been included in the P&L as part of cost of sales. Why then is my balance sheet showing as being out by this amount? If I add it into stock, it balances, but as previously mentioned, it's not a stock item? I have gone back through the accounts to make sure everything has been included where necessary, and now feel that I am just going round in circles. Help please?

CeeJaySix

What core records are you working from? If your balance sheet doesn't balance you've got a one-sided entry (or a misbalanced entry) somewhere...

brownem

Thank you for your post. The core records comprise of simple income & expenses worksheets, summary sheets which lists the months totals (all of which tally) asset register, debtors & creditors (again, all of which reconcile), the details of which are then transferred onto the P&L and balance sheet. Everything else balances with the exception of this one entry which has gone in as an expense on the expenses sheet and as a creditor on the creditors sheet, and then under cost of sales on the P&L. This is a spreadsheet template that I have used many times before without any issues which is why I am now wondering am I missing the obvious?

stevef

If in and out, it is in as a purchase but should also be recorded in sales?

mike150185

brownem said:

Everything else balances with the exception of this one entry which has gone in as an expense on the expenses sheet and as a creditor on the creditors sheet, and then under cost of sales on the P&L.

In that case has it not been debited twice?

CeeJaySix

What Mike said - sounds like it's in the P&L twice (expenses and CoS).