Your accountant is likely to provide you with a number of adjustments that will need to be entered in your company file as journal transactions. If the adjustments have been provided on paper, you can manually enter them in the Record Journal Entry window.
If you send information to your accountant using the Send to Accountant feature (see Provide information to your accountant), you can import the adjusting journal entries your accountant sends you. Make sure your accountant has sent you the journal adjustment file as a text file with a .txt extension. For more information about importing journal entries, see Importing data.
Go to the Accounts command centre 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.
Select the Year-End Adjustment option to identify the transaction as an adjustment journal entry. When you prepare reports for the period, you can exclude these adjustments from appearing.
[Optional] In the Memo field, enter a comment to describe the transaction, for example, ‘EOY adjustment from accountant’.
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:
Type the account number (or name), or select it from the account list.
In the Debit and Credit fields, enter the debit or credit amount for the line item.
[Optional] In the Job field, enter the job number for the line item.
[Optional] In the Memo field, enter a description of the line item.
If necessary, change the default code in the Tax column by typing the required tax code or selecting it from the list.
Journal entry must be balanced: The journal entry cannot be recorded until the Out of Balance field is zero.
Click Record to record the journal entry.
End-of-year adjustment FAQs
The balance of AccountRight's current year earnings account is automatically calculated based on the income and expenses recorded in AccountRight. This account can't be adjusted using a journal entry.
If you need to adjust your current year earnings account, you'll need to post to an income or expense account. Speak to your accountant about the best way to handle this for your situation.