My GL trial balance is reflecting figures from the Prior year (2015/16) for my fixed asset account, and this does not agree with the Fixed Asset Book Value 01 report which is run for 2016/17 period.
This is from my GL Trial Balance at 30 June 2017:
| 14500 |
Motor Vehicles |
- |
|
| 14510 |
Motor Vehicles - at Cost |
724,038.97 |
|
| 14520 |
Increases during the Year |
28,000.00 |
|
| 14530 |
Decreases during the Year |
- 35,653.64 |
716,385.33 |
| 14540 |
Accum. Depreciation, Motor Vehicles |
- 498,073.79 |
|
| 14550 |
Motor Vehicles, Total |
218,311.54 |
|
And this is from the Book Value 01 Report: (I've split the report into 2 sections:
|
|
Acquisition Cost 30/06/16 |
Addition in Period |
Disposal in Period |
Acquisition Cost 30/06/17 |
Depreciation 30/06/16 |
| |
|
|
|
|
|
|
|
|
| Group Total: MV |
716,385.33 |
0.00 |
0.00 |
716,385.33 |
-439,270.79 |
| Depreciation in Period |
Disposal Depreciation in Period |
Depreciation 30/06/17 |
Book Value 30/06/16 |
Book Value 30/06/17 |
| |
|
|
|
|
|
| -58,803.00 |
0.00 |
-498,073.79 |
277,114.54 |
218,311.54 |
The trial balance is showing the amount of $28,000 for increases during the year, but these purchases were made in 2016/15 financial year. I thought that there would be a process when closing the (2015/16) year, that these transactions would be added to the Motor vehicles at cost account, so that the Acquisition cost at 30/6/16 in the Book value report will then agree with the GL.
Or am I supposed to do manual journals at the beginning of the financial year to align the GL to the Book value report.
I hope that this is not too confusing. It is just that when I present the FA Book value report to the auditors that they can easily match up the transactions.
I would appreciate a response.
