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Comparative year figures

Comparative year figures

I currently use VT Final Accounts to prepare sole trader and small company accounts and I am encountering an issue with the comparative year figures due to rounding.

The problem arises with b/fwd balances such as fixed asset depreciation and fixed asset costs. Due to rounding, sometimes the current year b/fwd figures don’t match the previous year closing balances eg Depreciation at start of current year does not match the total of depreciation b/fwd at the start of previous year ‘PLUS’ depreciation charge in previous year. There may be a difference of £1.

The help text in VT Final Accounts describes manually adjusting the previous year comparatives. Is it acceptable to have some comparative figures which may differ slightly by £1 (even though the overall balance remains the same) compared to the original accounts from the previous year? I am thinking particularly for company accounts.

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By dreamcatcher
09th May 2012 15:35

I've noticed this

Its not a problem limited to VT, the same things happens on Iris which cost is many times greater.  Providing the iXBRL file generates without errors I tend not to get too excited by it, but for others it annoys the hell out of them and they change it.

Right or wrong my view is does it really matter about a £1 rounding error.

 

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09th May 2012 15:48

Posting in p

The explanation usually given by the software developers is that you should post entries rounded to the nearest £ instead of £ & p.

This is usually followed by "get a life" under their breaths though.

  

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09th May 2012 18:06

Never really thought about doing that actually! I might start doing that for fixed assets and depreciation.

Thnaks for your comments.

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