Trial Balance That Doesn'!T

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
Hi.

I have never been able to balance my TB! I just don't know what I'm doing wrong.

For example, today I've done an etb. I've entered nothing more but it still doesn't balance!

Could someone see what I'm doing wrong here?

Bank 913.97
Vat 2,553.84
Bank charges 80.09
Credit card 1,295.72
Drawings 30.00
Suspense 1,240.00
Interest 14.28
Lodgements 4,271.40

The bank figure is the total amount of payments less the total amount of lodgments - or should it be what's on the statement?

The VAT amount was actually paid, so relates to the previous quarter.

Any help much appreciated!

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance That Doesn'!T

    Vezz.

    Are you posting everything to the correct side?

    Are your control accounts complete?

    Are all the balances there?

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance That Doesn'!T

    I must have a sad life to be here at this time of night but if you are still struggling:-
    Dr
    Bank 5185.37
    Interest 14.28
    Total 5199.65

    Cr
    VAT 2553.84
    Bank Charges 80.09
    Credit Card 1295.72
    Suspence 1240.00
    Drawings 30.00
    Total 5199.65

    I presumed VAT would be a liability not repayment and that bank account would be debit balance ie they have money in the bank - were you given the bank statement showing this? Add on lodgement to give new bank balance. Credit card would also be liability - not many people overpay their credit card !! Bank charges are a cost and so a credit, as are drawings, suspense account therefore has to be credit to make it balance.

    Hope this is of some help - now I'm off to do what I should be doing - hubbies invoicing! Sad or what :lol:

    Jan
    PS Just read your Q again - when it says VAT was paid surely it means to be paid in this 1/4 or other wise there wouldn't be a balance in the account.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance That Doesn'!T

    Jan it ain't sad, I look at as a way of keeping your knowledge fresh in your mind. If you never touch certain areas in your work you might forget them over a period of time.

    Also of course there's the good samaritan side of things!

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