Statement of Financial Position

On finalising the accounts for the last financial year the “Statement of Financial Position” indicates that it does not balance by $0-01. This is caused by the rounding to the nearest cent. It then shows that the out of balance is because the “Current year profit/loss not allocated to members” amounts to minus $622,252-14. However, the “Detailed Statement of Financial Position” correctly shows the $0-01 “Current year profit/loss not allocated to members”. By downloading a Word copy of the document the error can be corrected. Interested to know whether anyone else has had such an experience.

Yes, a similar issue when an unlisted investment value was 5 cents out due to the number of decimal places used for the market value per share. I just did a journal to correct the imbalances.