▶ Error - Reserves Balance Does Not Match Fund Carried Forward

Error - Reserves Balance Does Not Match Fund Carried Forward

It is important that the closing reserve balances from the prior financial year match the opening reserve balances for the new financial year.

If you encounter a red error message on the Reserves Balance report screen indicating that the opening balances to not match those carried forward, you can follow the steps below to resolve it.

How Do I Correct This Error Within Scribe

Navigate to Menu Setup → Restate Last Year → Funds.

Here, there are three aspects to check:

Are amounts appearing in the fields on the left hand side?

If the left-hand side of the screen shows 0.00s, then either the previous year has not been closed and annual returns data copied forward (if you completed last year on Scribe), or you have not entered the opening balances (for new users).

New users can enter the figures directly from their Year End paperwork for the prior year. Existing users should navigate to the previous year and go to Year End → Close Accounts. Tick all boxes and click Confirm (assuming the year-end figures have been finalised). Move back into the current year and check the boxes have been updated.

Do the fields on the left for Capital and Earmarked match those on the right-hand side of the screen?

The fields on the left are populated when the prior year is closed and copied over, or figures are entered in directly by new users.

The fields on the right are the totals of the reserves as set up under Setup → Reserves.

If these fields do not match, they must be updated. Either amend the fields on the left, ensuring that they still sum to the Box 7 figure, or click 'Edit Reserves' to return to the setup page to add further reserves or make amendments. If you need to edit a reserve, click on the name of the reserve or select More/Edit. Make necessary changes, e.g., amend the type from Earmarked to Capital or update the opening balance (this can be done by re-entering the Created On date to prompt the opening balance to appear). Once done, return to the Funds screen to ensure the fields now match.

Does the sum of the three fields on the left (Capital Fund + Earmarked Fund + General Fund) equal the Annual Return - Box 7 figure at the bottom?

If not, correct the relevant field. The Box 7 figure should be equal to the Annual Return figure from the previous year and should not change unless you are restating the prior year. The three fields above are the allocation of the total funds and can be updated without affecting the AGAR figures. This is likely necessary if you are adding your Reserves on to Scribe for the first time, as there will be no values entered against the capital or earmarked funds.