To successfully upload data to an Excel organisation, each period you upload in the organisation must balance. If an organisation doesn't balance, an error message will appear during the upload, explaining which month doesn't balance and by how much.
Balance calculation
Below are the calculations behind ensuring a balance sheet balances in an Excel organisation.
Balance calculation
(Bank + Fixed Assets + Current Assets + Non-Current Assets) - (Current Liabilities + Non-Current Liabilities)
Should be equal to:
(Expenses + Other Expenses + Cost of Sales)) - (Equity* + ((Income + Other Income))
Equity*
The total for Equity will also include Current Year Earnings, which Futrli automatically calculates.
Current Year Earnings calculation
(Income + Other Income) - (Expenses + Other Expenses + Cost of Sales)
⚠CAUTION: Including an account in Equity for Current Year Earnings for your upload will duplicate the account. Remove this account to avoid duplication in your Excel organisation.
Opening Balances
The balances you add as opening balances will also need to balance. As opening balances won't include Current Year Earnings, the Retained Earnings opening balance figure will need to include any previous balance of Current Year Earnings.