What is the Reconcile Box 7 and 8 Report within Parish and Town Councils
The reconciliation process between Box 7 and Box 8 is a key financial document for Councils working in Income & Expenditure at year end, as it shows the adjustments needed to align the 'Balances carried forward' (Box 7) with 'Cash and Short Term Investments' (Box 8).
What is the Reconcile Box 7 and 8 Report within Scribe Accounts
Within Scribe Accounts, the Reconcile Box 7 & 8 report explains the difference between the total balance in Box 7 and the cash balance in Box 8 by showing the totals for each type of adjustment. It deducts the assets which have been included on the balance sheet and adds back in the liabilities from Box 7 (Balances Carried Forward) to arrive at Box 8 (Cash and short term investments). This only applies to Councils completing Year End on an Income and Expenditure basis.
Where is the Reconcile Box 7 & 8 Report within Scribe Accounts
Log into Scribe Accounts and navigate to menu Year End → Reconcile Box 7 & 8
Before running the report, ensure you run Calculate to account for all the adjustments you have entered.
