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Negative number in Current Assets

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Why can't I enter a negative number in 'Current Assets' AC455 on balance sheet in HMRC fillinig services? I have used software to prepare accounts ,but i wanted to try to submitted using HMRC services instead and its not letting me to enter negative Currents Assets Figure. Can anyone please tell what shoud i do? I have attached printscreens below.

Company made a loss:  

Current assets(1,602) 

Creditors: amount falling due within one year 0  

Net current liabilities (1,602)

Total assets less current liabilities (1,602)

Net liabilities (1,602)

Capital and reserves (1,602)

 HMRC filling

Software

 

Replies (12)

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By thevaliant
14th Oct 2021 09:26

Well, the answer sort of speaks for itself.
You shouldn't have a negative current asset. It must be a current liability surely?

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Replying to thevaliant:
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By Lana Acc
14th Oct 2021 09:45

I just went confused, becasue Bank Current Account on the credit side. So, the bank usually is an assets to the company if its in Debit. On the software i cant retag it to the liability insted. Very strange. So, if i will use HMRC service i should allocate to Creditors - amounts failing due without one year AC58, right?

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By Bobbo
14th Oct 2021 09:43

Surely the accounts you have prepared using software aren't showing a negative 'current assets' figure???

Carp software if it does

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Replying to Bobbo:
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By Lana Acc
14th Oct 2021 09:55

It does showing . I have attached the last print screen and i cant retag them or move to the different category. I have contacted support, will see what they will say =)
So, if i will use HMRC service i should allocate to Creditors - amounts failing due without one year AC58, right?

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By Paul Crowley
14th Oct 2021 09:59

It is about definitions
Assets are a posative value
Liabilities a negative value

A bank overdraft is a liability

HMRC better at understanding accounts than your software?
Not aware of any recognised accounting software that gets this wrong

What are you using?

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By SXGuy
14th Oct 2021 10:06

As others have said. You can't have a negative asset.

Its a liability.

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Replying to SXGuy:
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By Hugo Fair
14th Oct 2021 12:57

As are all HMRC software services!

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Replying to Hugo Fair:
RLI
By lionofludesch
14th Oct 2021 13:06

Hugo Fair wrote:

As are all HMRC software services!

[chuckle]

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paddle steamer
By DJKL
14th Oct 2021 11:34

But to be clear you can have a credit balance part making up a disclosed debit balance asset.

Eg Sales Ledger DR £100,000
Bad debt provision CR £15,000
Disclosed asset £85,000

Do also remember Current Assets is a group heading rather than an individual nominal.

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By Jo Nokes
14th Oct 2021 17:58

I won't have a word said against VT, but it's entirely possible for negative figure to appear under current assets, you just have to make a manual adjustment to move it to liabilities

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Replying to Jo Nokes:
RLI
By lionofludesch
14th Oct 2021 18:03

Jo Nokes wrote:

I won't have a word said against VT, but it's entirely possible for negative figure to appear under current assets, you just have to make a manual adjustment to move it to liabilities

You're right.

You can re-categorise the bank account as a liability on VT.

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Replying to Jo Nokes:
Tornado
By Tornado
14th Oct 2021 18:18

Yes, VT Final Accounts is very flexible and versatile. Great software to use.

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