Hi
I could really benefit from some advice please. I am part qualified, still studying and have been helping a friend who has recently set up her own business, with the books, to gain practical experience, of which I have none. I have also been Treasurer to a local charity for the last year, keeping their accounts in order, (these are fine.)
The problem I have is with my friends accounts, I am unable to balance the Trial Balance. The business has been operating approx 4 months Currently, her expenditure is more than her income and she is constantly putting in money to the business, through cash in to Bank, also using personal credit cards to pay some invoices, which I am recording as Capital still. In December alone this equated to almost £4,000. The amount of invoices I have input so far are huge. I don't have Sage, so am using T account's (the only way I know, as I've been taught) in Excel. I'm not sure if this is the right or wrong way, but it's certainly the most time consuming, I am making 2 or 3 entries for each item.
I'm really concerned that I am unable to balance the Trial Balances, I have checked the figures, to make sure I have a debit for every credit, also rechecked invoices. All of the accounts are on the right side be it debit or credit and I have not missed any accounts or suppliers account out of the balance. Can anyone please give any suggestions, what I could have missed out or where I have gone wrong. I am out by £680 on a £16,500 balance. The accounts have certainly been an eye opener in gaining practical experience, that's for sure.
Can I also ask, as I'm also having real worries, as to whether I can achieve my goal. Is this normal when first starting out? Has anyone else encountered difficulties, such as this? Apologies if a daft question, but am really beginning to ponder my ability or lack of it.
Any by help or advice would be very much appreciated please.
Many thanks in advance.
Tracie
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