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Error on Movement in Shareholders' Funds note

Article ID
ias-12177
Article Name
Error on Movement in Shareholders' Funds note
Created Date
26th November 2015
Product
IRIS Accounts Production
Problem
I have an error message appearing on the Movement in Shareholders' Funds note: Total of closing shareholders’ funds for current year as shown here does not agree to total per balance sheet.
Resolution
There are three things that need to be checked to try and resolve this;
  • Has there been new Share Capital issued during the year?
  • Select: Reports | Multiple Year Trial Balance Check if there are postings to a/c 911-913 (966/1-3 on ELTD) If there is a movement in shares during the year Select: Edit | Data screens | Notes to Financial Statements | Movement in Shareholders’ Funds How many years posting entries have been entered? If there are only two years posting entries entered on IRIS and postings have been made to accounts 911-913 (966/1-3 ELTD) in the comparative year then it may appear that there is an issue of shares during the year. If this in incorrect and the shares were issued in previous years a third posting entry will need to be created and the share issue posted to the relevant account.
  • On the ELTD chart the difference may be down to rounding:
  • Select: Reports | Annual Run report LTD and check the retained profit shown on the Balance Sheet for the comparative year and the Opening Profit shown on the Reserves note. If there is a difference adjust: Profit brought forward account 968/1 by the difference and post the double entry to any other profit and loss account such as sundry expenses account 280. Alternatively, you can change your rounding account codes by selecting Posting | Rounding Accounts If there is still an error relating to the current year and/or last year that cannot be cleared by posting an adjustment to 968/1 and 280, check other reserves e.g. 971/1 does it go up or down by a £1 in the current, last or year before last. It may be a mistake that needs to be adjusted, with the other side going to another balance sheet item, for example bank 692.

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