Discovering a mismatch between Box 7 (Closing Balance) and Box 1 (Opening Balance) within your financial records necessitates a prompt review of the current year's opening balances. This guide outlines the steps to verify and adjust these balances within Scribe Accounts, specifically for users managing their finances based on Income and Expenditure.

Detailed Steps to Address the Discrepancy

1. Review Opening Balances:

   • Begin by navigating to Year End (Inc & Expense) → Setup → Bank Balances. This area of Scribe Accounts is critical for reviewing and confirming the accuracy of your opening balances for the current financial year.

2. Ensure Accuracy with Cashbook Balances:

   • The displayed figures should align with your cashbook balances as of March 31st, including:
     • The actual bank balance on that date.
     • Necessary adjustments for any unpresented payments and receipts that have not yet been cleared by the bank.

3. Reference the Bank Balances Guide:

   • For an in-depth understanding of managing bank balances within Scribe, access the ⚙️ Bank Balances guide. This resource is designed to offer detailed instructions and insights for accurately reflecting your financial standing.

4. Adjust Cashbook Balances When Necessary:

   • If discrepancies are detected during your review, it’s essential to adjust your cashbook balances for the current year. This can be accomplished by navigating to Year End (Inc & Expense) → Setup → Bring Forward Balances. Utilising this feature allows for the correction of inaccuracies, ensuring that your financial records accurately represent your council’s fiscal health.

Importance of Accuracy

Addressing differences between Box 7 and Box 1 is crucial for maintaining the integrity and accuracy of your financial records. By following the steps outlined above, you can rectify any discrepancies in your opening balances, thereby ensuring that your financial documentation is both consistent and reliable.