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HMRC internal manual

Debt Management and Banking Manual

HM Revenue & Customs
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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.