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Adding journals
In module 3 we talked about adding journals to bring in current-year movements. But you can also add journals to make adjustments.
When do I need to adjust balances?
If you attach workpapers to an account to calculate and substantiate the account balances, and the balances are different to the client’s balances, add adjustment journals to correct the client’s balances. The final adjusted profit/loss from the adjustment journal is displayed as the last entry in the Prepare Trial Balance (Workpapers) table.
- Go to the client’s Client Accounting > Trial Balance (Workpapers) tab and click a period in the Select Period section.
- On the Tasks bar, click Open Period. The table for the period appears.
- Select the account in the table.
- On the Tasks bar, go to Journals > Add. The Add Journal window appears.
- Enter a Date. The default Date drop-down list is the end of the period.
- Enter a Journal note about the adjustment journal. The selected account is displayed as a row in the table.
If you want to use quantities for this journal (for example, for farm accounting), select the Enter quantities checkbox. You will enter the quantity later in the procedure.
If this journal needs to be reversed (that is, if it is for a transaction that will occur in the future), select the To be reversed checkbox.
Transactions marked as To be reversed will be posted twice: first with the date specified as the transaction date, and then again on the first day of the following period. The two transactions are identical except that the sign of all of the amounts is reversed so that one transaction cancels the other.To add GST, select the Apply GST checkbox.
Deselecting Apply GST resets the GST Rate and GST Amount fields to zero, and changes the GST Code to NTR. If you want Apply GST deselcted, you have to deselect the option every time a new journal is created.
Change the GST Code and GST Type fields as needed.
- For AE ledgers and Essentials Cashbook ledgers, select the GST Code from the drop-down list.
- For other ledgers, select the GST Type from the drop-down list.
The GST Rate is set according to the GST Type or GST Code you select. The amount of GST calculated will be posted to the account selected on the Define GST Account dialogue.
- From the Code drop-down list, select an account.
If you selected Enter quantities earlier in the procedure, enter the quantity for the selected account in the Quantity field. You can enter a negative amount.
- Enter the debit adjustment amount for the selected account in the DR Amount field or credit adjustment amount in the CR Amount field.
Optionally, enter a description for the adjustment in the Description field.
The Description field for each journal line item may be linked together for some ledger types, due to field size limitations.
- Accounts GL: maximum 61 characters.
- AO Classic GL: maximum 77 characters.
- MAS GL: maximum 60 characters.
- Press ENTER on your keyboard. The balancing amount is added into the corresponding DR Amount or CR Amount field in the next row.
- Enter the account number or account name in the Code field.
- Ensure the amount in the DR Amount or CR Amount field is correct.
- If the amount is correct, press ENTER on your keyboard.
The remainder required to balance the journal is displayed in the DR Amount or CR Amount field. - If the amount is incorrect, correct the values in the DR Amount or CR Amount field and press ENTER on your keyboard.
The remainder required to balance the journal is displayed in the DR Amount or CR Amount field. - Continue adding rows until the amounts have been correctly distributed between the accounts.
The journal entry totals are displayed at the bottom of the DR Amount or CR Amount columns. - To delete a row, select the row's checkbox and click Delete.
- Ensure that the journal entry total is 0.00.
- Click Add. The table displays the added adjustment journal entry.
The debit and credit amounts are added in the account row in the Debit and Credit columns. Each account’s adjusted balance is displayed in the Final column.
The Add Journal window clears. - If you need to add more adjustment journals, add repeat the procedure.
- When you have finished adding adjustment journals, click Cancel.
Editing journals
You can edit the journal date, notes and amounts before or after you post the journal .
To edit journals created in Essentials and AccountRight Live online ledgers, you'll need permissions. To edit journals created in Trial Balance (Workpapers), the journal has to be in the latest active open workpaper period.
- Go to the client’s Client Accounting > Trial Balance (Workpapers) tab and click a period in the Select Period section.
- On the Tasks bar, click Open Period. The table for the period appears.
On the Tasks bar, go to Journals > View all. The Journals window appears.
Select the checkbox of the journal entry that you want to edit.
Click Edit. The Edit Journal window appears.
Edit the journal entry:
You can add rows to the adjustment journal and edit the Date, Journal Note, Code, Quantity, DR Amount, CR Amount and Description fields.
The journal entry total is calculated and displayed at the bottom of the Amount column.The Description field for each journal line item may be concatenated for some ledger types, due to field size limitations.
- Accounts GL: maximum 61 characters.
- AO Classic GL: maximum 77 characters.
- MAS GL: maximum 60 characters.
- If you want to use quantities for this journal (for example, for farm accounting), click the Enter quantities checkbox.
- If you need to reverse this journal because it is for a transaction that will occur in the future, click the To be reversed checkbox.
Transactions marked as To be reversed are posted twice: firstly with the date specified as the transaction date, secondly on the first day of the following period. The only difference between the two transactions is that the sign of all of the amounts is reversed so that one transaction cancels the other. To add GST, click Apply GST.
Deselecting Apply GST resets GST Rate and GST Amount to zero, and changes the GST Code to NTR. Every time a new journal is created, you need to manually deselect Apply GST.
Change the GST Code and GST Type fields as needed.
- For AE ledgers and Essentials Cashbook ledgers, select the GST Code from the drop-down list.
- For other ledgers, select the GST Type from the drop-down list.
The GST Rate is set according to the GST Type or GST Code you select. The amount of GST calculated will be posted to the account selected on the Define GST Account dialogue.
- Ensure that the journal entry total is 0.00.
- Click OK. The Journals window displays the edited journal entry.
Click Cancel. The Journals window closes.
Client Accounting updates the posted journal and creates an audit record with the details of the original journal in the Workpapers database.After updating a posted journal, Client Accounting posts a:
reversal journal of the original journal, prefixed CANCELLED
new journal with the corrected entries.
Deleting journals
- Go to the client’s Client Accounting > Trial Balance (Workpapers) tab and click a period in the Select Period section.
- On the Tasks bar, click Open Period. The table for the period appears.
On the Tasks bar, click Journals > View all. The Journals window appears.
Select the checkbox of the journal entry that you want to delete.
Click Delete. A confirmation dialogue is displayed.
Click Yes to confirm.
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