Balance Sheet in 1C: Preparation and Review

Requirements for the balance sheet form

• the balance sheet form is Annex 1 to Regulation No. 3567; figures are presented in thousands of soums;
• the statements are signed by the head of the company and the chief accountant (para. 4 of the Regulation);
• annual financial statements — no later than 1 March (para. 7).

What to check before generating it

All documents posted, periods closed, no balances left on technical and auxiliary accounts.

Manually entered transactions deserve a separate look: they are what most often produce unexpected amounts.

• all documents are posted
• the period is closed
• there are no erroneous manual entries
• reconciliations with counterparties are done
• balances match actual figures

Why the balance sheet doesn't balance

Typical causes are an unclosed period, incorrect analytics on accounts, duplicated documents and wrong classification of assets or liabilities.

Sometimes the problem runs deeper: the error carries over from previous periods and requires the books to be restored.

How to check the result

Compare the figures with the previous period and explain every material deviation.

Then reconcile the related forms with each other: a mismatch where they connect almost always means an error in the database.

Why the program is not responsible for the result

Accounting software generates the report from the data entered into it. An error in primary documents or in the settings is not corrected automatically when the form is generated.

That is why checking the result remains manual work: the program speeds up calculations but does not decide whether transactions are recorded correctly.

What to check before generating the report

Completeness of posted documents, allocated bank statements, closed advances, completed reconciliations and stock count results.

If even one item is missed, the form will be built from incomplete data and will have to be redone after the first inspection.

• all documents for the period are posted
• bank statements are allocated
• advances to accountable persons are closed
• reconciliations with counterparties are done
• warehouse balances are confirmed

Typical causes of discrepancies

Most often these are backdated documents, netted counterparty balances, open transactions from prior periods and unrecorded bank charges.

Each cause is found quickly if the analysis goes from the area to the period and then to the specific document, not the other way round.

How to check the generated report

The basic checks are done manually: does the total balance, is the change in equity explained by the result for the period, do cash balances match bank confirmations.

If even one link does not match, it is too early to submit the form: a correction before filing needs no explanation, one after filing always does.

Settings and accounting policy

Many discrepancies arise not from operator errors but from settings that do not match the adopted accounting policy.

They should be checked at the start of work and whenever the accounting approach changes, not every time a period is closed.

Differences for an IE and a company

A company's form reflects equity and settlements with shareholders; for an individual entrepreneur (IE) the information is shorter and closer to tax calculations.

Requirements for the content and filing procedure are set by law and are updated from time to time, so it is worth checking them before each filing.

When to bring in a specialist

If a discrepancy cannot be found within a reasonable time or carries over from prior periods, searching on your own usually drags on for weeks.

An external review takes less time in such cases: the specialist works through the typical causes rather than going through documents one by one.

Help from Leader Audit

We review companies' databases and financial statements: an audit firm with 13 years of practice.

More than 220 audits completed.