SolvedDMBM231010 | Annual Balance: General Overview
From HM Revenue & Customs · Debt Management and Banking Manual
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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.