I have some equity transactions that were carried out on Mar 27th and Mar 31st 2013. The settlement for these happened on April 2nd and April 3rd respectively. Since the scenario involves two different financial year, this is causing difference in ledger amount between MProfit and broker ledger. What should be done to avoid this difference?
The transaction date as per the contract notes are the correct one as far as your accounting is done.
You have to enter transactions for 27-Mar and 31st March, because as per FIFO rule, your capital gains will need these dates. I guess, you cannot do anything and you can print the ledger and add some reconciliation remarks and closing balance as we do reconciliation for bank.
Balance as per MProfit as on 31-Mar-2013: 1,00,000
Entries posted in broker’s ledger in April 2013: 20,000
Balance as per Broker’s ledger as on 31-Mar-2013: 80,000