Annual Balance: General Overview
Purpose of Annual Balance
The purpose of the Annual Balance is to confirm the accuracy of the accounting work carried out during the year, in particular
- that the total of all payments banked agrees with the total amounts posted in the accounting records
- that all other accounting vouchers, such as remissions, have been posted correctly
- to provide for HMRC’s Annual Accounts.
Timing of Annual Balance
The Annual Balance takes place after agreement of the Summary bank on the last Friday in October.