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Charity Rounding -Fund balances on SOFA don’t match to balances on balance sheet

Article ID
ias-12255
Article Name
Charity Rounding -Fund balances on SOFA don’t match to balances on balance sheet
Created Date
31st March 2016
Product
IRIS Accounts Production
Problem
Charity Rounding – Fund balances on SOFA don’t match to balances on balance sheet OR Changes to Charity Rounding
Resolution
As the creation of FRS accounts become more prominent and more specifically the restating of comparative years figures, we have taken the opportunity to improve rounding in our Charity and Academy accounts for the Charities SORP 2015 for both FRSSE 2015 and FRS 102. Due to the sophisticated way Charity accounts are calculated across multiple fund types on the SoFA as opposed to the Balance Sheet simply totalling accounts, there have been a number of instances where the funds did not always agree. Enhancements have been made to prevent this from occurring; it will no longer be possible to select a main account code that requires a sub account. In addition if a code with a sub account is used as the rounding account, the calculation has been changed, again reducing occurrences of the rounding differences. Moving forward, this will mean when completing charity accounts (including academies) the amount of journal adjustments to correct rounding differences will reduce significantly. However any accounts already prepared and submitted may treat the rounding differently meaning any journal adjustments made to correct rounding differences historically may need to be deleted if you wish to re-generate previous year’s accounts. Alternatively you could use a saved copy of the previous years’ set of accounts. We hope these improvements will speed up the time it takes to complete accounts for charities. If you require any assistance please contact Support on 0344 815 5551

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