Section 3: Bank statement summary

This section displays opening and closing bank balances for each month of the financial year and highlights any discrepancies

Updated over a week ago

  1. Opening Bank Balance
    The opening bank balance for the first statement mirrors the opening bank balance for the first day of the financial year. You can check this in Settings - Bank Accounts.

    Each month following will automatically take the prior month’s closing bank balance as its opening balance.

  2. Closing Bank Balance
    This is automatically calculated as the sum of all bank transactions recorded in Farm Focus regardless of whether they are coded or uncoded.

    This should reflect the actual closing balance for the month at the bank.

  3. Closing Focus Balance
    This is automatically calculated as the sum of all bank transactions that have been coded in Farm Focus.

  4. Discrepancy
    If the closing bank balance and the closing focus balance for each month don't match a discrepancy will appear.

    Discrepancies can be caused by uncoded transactions, duplicate or missing transactions, or transactions that have been deleted.

  5. Closing Date
    The closing date is automatically captured by Farm Focus as the last day of each month.

    If the last day of the financial year falls on a weekend you will see a warning to check the closing balance on the physical bank statement. 

Tip: To locate a discrepancy, go to the balancing tab of the actuals screen. Find out more

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