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    Hi Everyone,

    I have been using MS Money (2007 and now Money Plus) for several years for our NFP animal rescue group in Australia.

    When I presented the 2010-2011 reports and other paperwork to an accountant for auditing, he picked up on the fact that the "Net Ordinary Income" total shown on the Profit & Loss Statement (-$2,817.56) doesn't agree with the "Net Income" shown on the Balance Sheet (-$3,252.11).

    By what I can see, the starting and ending balances agree with our bank account balances and the Balance Sheet also balances on the Balance sheet also agree ("Total Assets" is the same figure as Total Liabiliies and Equity).

    I'm also really confident that all of our transaction entries throughout the year have been correct as we have been downloading our statements from the bank and have been able to match everything up OK.

    I have also tried searching for a transaction to match the variance ($435.55) but obviously, there is nothing at all that matches up.

    As I don't really have any real bookeeping or accounting experience, I am becoming increasingly frustrated as the Auditor says that he can't (or won't) start the audit until such time as these figures agree.

    I would be extremely grateful if anyone could give me some clues as to where I may be able start looking to work out the problem.

    Cheers

    Paul Lewis

     

     

     

     

     

    Wednesday, December 21, 2011 11:33 AM

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    If the accounts have always balanced previously, then either you have started to use one or more Accounts or Categories, or have created new Accounts or Categories, which are not included in the Accounting Statements. Do you recall which these might be?

    Check the opening balances against the last period's accounts. You might have entered one or more transactions with a previous period's date.

    Use Money's standard reports of account balances and income and expenses, customising the dates to your accounting period, and compare them with your accounts to see which headings disagree.

    Wednesday, December 21, 2011 1:07 PM
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    Also note that you are using a UScentric product in Australia.  For example, I have no idea whether you differentiate between investment income and capital gains.  There could be other items that are classified differently in the US.  There could be a series of transactions (or splits) that add up do this discrepancy. 
    • Edited by bobjbkln Wednesday, December 21, 2011 6:43 PM
    Wednesday, December 21, 2011 4:05 PM
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    I use this program Money Sunset USA in Australia for my business. You need to "tweak"just a few entries to get it working correctly for Australia.

    Can you advise how you have your GST reporting set up in your accounts ?

    Also , check your opening balance amounts for the difference.

    • Edited by baywatch Wednesday, December 21, 2011 6:30 PM
    Wednesday, December 21, 2011 6:29 PM