Revaluation error on the Profit and Loss account

For FRS3 purposes you will need to post 3 years figures. If this is only the first or second year the business has traded, check that the Fixed Assets have been posted to ADDITIONS in the first year and NOT COST and that Depreciation has been posted to CHARGE FOR THE YEAR and NOT ACCUMULATED DEPRECIATION, if this is not the case check the following:

Has there been a revaluation?

Yes – complete the following screens: Edit | Data screens | Recognised Gains and Losses | Statement of Recognised Gains etc Edit | Data screens | Recognised Gains and Losses | Historical Cost Profits and Losses Edit | Data screens | Notes to Financial Statements | Balance Sheet Items | Tangible Fixed Assets | Revaluation | Analysis of “Cost or Valuation” No – Proceed with the below;

Have you entered three years figures if required?

No – Enter the three years required, Yes – Proceed with the steps below;

Check there is a posting entry number against ‘Year Before Last’ in the Reports | Annual option.

Print the report ‘TBL’ (three year trial balance) check that COST + ADDITIONS – DISPOSALS in the previous year = COST brought forward in the following year and similarly that ACCUMULATED DEPRECIATION + CHARGE FOR THE YEAR – ELIMINATED ON DISPOSAL in the previous year = ACCUMULATED DEPRECIATION in the following year

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