Task 4: Enter end-of-year adjustments

End-of-period procedures > Starting a new fiscal year > Task 4: Enter end-of-year adjustments

Task 4: Enter end-of-year adjustments

Your accountant is likely to provide you with a number of adjustments, such as journal transactions. If they have been provided on disk, you can import these transactions (see ‘Importing data’). If the adjustments have been provided on paper, you can manually enter them in the Record Journal Entry window.

To record adjustments manually

1

Go to the Accounts command center and click Record Journal Entry. The Record Journal Entry window appears.

The general journal number and transaction date appear by default. You can change these if necessary.

note :

If your company file is set to 13 accounting periods in the fiscal year, assign your adjustments to the 13th period by entering an asterisk (*) before the date, for example, *9/30/2012.

2

[Optional] In the Memo field, enter a comment to describe the transaction, for example, Depreciation–Motor Vehicles.

3

Each row of information entered in the scrolling list is a line item. The line item details are identified in the journal adjustments provided by your accountant.

For each line item:

a

Type the account number (or name), or select it from the account list.

b

In the Debit and Credit fields, enter the debit or credit amount for the line item.

c

[Optional] In the Job field, enter the job number for the line item.

d

[Optional] In the Memo field, enter a description of the line item.

note : Journal entry must be balanced

The journal entry cannot be recorded until the Out of Balance field is zero.

4

Click Record to record the journal entry.

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Task 5: Back up your company file

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Record depreciation

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