How to view the Bank Statement Summary Section 3: in the Accounts Annual Report

The Bank Statement Summary displays the opening and closing bank balances for each month of the financial year and highlights any discrepancies.

Why is this helpful?

Understanding the Bank Statement Summary helps you identify discrepancies between Farm Focus balances and your actual bank balances, ensuring accurate financial reporting.

Bank Statement Summary Overview

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.
• To view this balance, go to Settings > Bank Accounts.
• Each subsequent month automatically takes the prior month’s closing bank balance as its opening balance.

2. Closing Bank Balance

• The Closing Bank Balance is calculated as the sum of all bank transactions recorded in Farm Focus, regardless of whether they are coded or uncoded.
• This balance should match the actual closing balance on your bank statement for the month.

3. Closing Focus Balance

• The Closing Focus Balance is calculated as the sum of all coded bank transactions in Farm Focus.

4. Discrepancy

• A discrepancy appears when the Closing Bank Balance and the Closing Focus Balance for a month do not match.
• Common causes of discrepancies include:
  • Uncoded transactions.
  • Duplicate or missing transactions.
  • Deleted transactions.

5. Closing Date

• The Closing Date is automatically captured as the last day of each month.
• If the last day of the financial year falls on a weekend, Farm Focus will display a warning to check the closing balance on your physical bank statement.

TIP:

To locate a discrepancy, go to the Balancing tab on the Actuals screen.

NOTE:

If a bank account has been made inactive and has no transactions for the reporting period, it will be hidden from the report.