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Troubleshooting steps when category balances look wrong
Troubleshooting steps when category balances look wrong

Steps to troubleshoot when money owed reports balances look wrong or don't make sense

Steven Anderson avatar
Written by Steven Anderson
Updated over 3 months ago

Sometimes, a category balance doesn’t seem quite right. This guide will help you troubleshoot and correct these issues, ensuring your financial records are always spot on.

Step 1: Drill into the entries

The first step in troubleshooting incorrect category balances is to drill into the entries that make up the category. Here’s how you can do this:

  1. Click on the category: Navigate to the category in question on the report you’re using.

  2. Drill down: Clicking on the category provides a detailed list of all the entries contributing to its balance.

Step 2: Check entry categorisation

Once you have a detailed list of entries, the next step is to ensure they are categorised correctly. Miscategorised entries can skew your balances. Follow these steps:

  1. Review each entry: Go through each entry and verify it is categorised correctly. Generally, a category displaying how much you owe or are owed will have two entries relating to the amount: an initial entry creating an amount to owe and a second entry showing the amount paid. Over a financial year, a business may have many such entries in each category.

  2. Recategorise incorrect entries: If you find any incorrectly categorised entries, you can recategorise them. Select the entry, choose the correct category, and save and review your changes. This adjusts the category balance accordingly.

  3. Commonly miscategorised entries: It’s worth checking your business’s online HMRC account to help identify tax payments and ensure they are categorised correctly.

    1. Corporation Tax payments to HMRC should be categorised under Corporation Tax Owed.

    2. VAT payments to HMRC should be categorised under VAT Owed To HMRC (and repayments of VAT from HMRC should be categorised under VAT Owed To You).

    3. PAYE & NI payments should be categorised under PAYE & NI Owed to HMRC.

Step 3: Check for errors from previous periods

If the balance still looks incorrect, the error might be carried over from a previous period. Use the financial year filters to investigate:

  1. Switch financial year: Adjust the financial year filter to the previous year to see if the discrepancy originated earlier.

  2. Review historical entries: Check the entries from the previous year for any errors or mis-categorisations and make corrections as necessary.

  3. Locked entries: Entries from previous financial periods are more likely to be locked because they’ve already been reported. If that’s the case, our support team can assist in making the required corrections.

Step 4: Contact Support for assistance

If you’ve followed the above steps but still can’t find the error or are unsure how to correct it, don’t worry—help is available.

  1. Reach out to Support: For further assistance, contact our support team. Please provide details about the category and the discrepancy you’ve identified.

  2. Get Expert Help: Our support team is equipped to handle these issues and will guide you through identifying and correcting errors.

Following these troubleshooting steps, you can ensure that your category balances are accurate and your financial records are reliable. Keeping your accounts in order is essential for the health of your business, and we’re here to help you every step of the way.

If you need any assistance, don’t hesitate to contact our support team.

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