Why does the closing balance of the previous year and the opening balance of the current year of a flat not match? How to resolve this mismatch?

If any changes or updates have been made to the accounting data of the flat in the previous financial year, such as settling an invoice, issuing a credit note, raising a journal voucher, or canceling a receipt or invoice, the closing balance of the previous financial year may not align with the opening balance of the current financial year.

To resolve this, the society admin can perform a manual financial year-end processing. This process involves a thorough review and reconciliation of all transactions to ensure that no entries are missed. This will help maintain consistency and accuracy in the financial records.

To understand the steps to initiate the financial year-end processing, please refer to the FAQ Link: https://adminfaq.mygate.com/articles/129843-how-to-process-financial-year