If balances calculated during workpaper preparation are different to the client’s balance, adjustment journals must be added to correct the client’s balances.
When using MYOB AccountRight or Essentials as your ledger, if you need to import data from your banking or other software, you can import data directly into AccountRight or Essentials. See Importing and exporting (Essentials) or Importing and exporting data (AccountRight).
You will not be able to post a journal to an AccountRight or Essentials general ledger on or prior to a lock date.
- Open the workpaper period and on the TASKS bar and click Add located underneath the Journals heading.
From the Add Journal window, fill in the necessary fields.
Label Field Description A Date Enter the date of the journal in the format DD/MM/YYYY. The end-date of the period is selected by default. Alternatively, you can select a date from the drop-down calendar. B Journal note (Mandatory) Enter a description for the journal. This field must be populated before you can add the journal to be posted. C To be reversed
Select this checkbox where the journal needs to be reversed. Transactions marked as To be reversed will be posted 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.
The option to reverse a journal entry is only applicable for AccountRight, Essentials and MYOB ledgers.
D Enter quantities Select this checkbox to enter quantities. A quantity column appears between the Account and DR Amount columns to enter into. E Apply GST By ticking Apply GST, the GST code and GST Type fields become available. F Account Enter the account code or name G Account search Type any part of the account code or name to bring up a list of suggested accounts. H DR/CR Amount Enter the amount to debit the account in the DR Amount column or the amount to credit the account in the CR Amount column. The total debits and credits for the journal journal entry is displayed at the bottom of the DR Amount or CR Amount columns. I GST Details If you have selected to Apply GST, choose the GST type to apply to the transaction. The GST Rate is set according to the GST Type or code you select. The GST Amount is automatically calculated and will be posted to the GST account specified in the Define GST Account settings. J Description (Optional) Enter a description to appear against each transaction line. K Variance
Where your DR and CR amounts aren't aligned, this field will display the difference between total debits and total credits.
Add further rows until the amounts have been correctly distributed between the accounts.Delete rows by selecting the checkbox next to the row you wish to delete. Click the Delete button and the row disappears. If you need to add an account, click Add Account and enter the details.
Once you've finished entering data for the journal, click Add. The Add Journal window clears but remains open so you can create more journals.
Repeat from step 2 for each additional journal.
- When you have finished adding journals, click Close.