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 electronically or 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.

If you send information to your accountant using the AccountantLink feature (see To export information to accountants), you can import the adjusting journals your accountant sends you. For more information, see To import nominal journals from your accountant. Make sure your accountant has sent you the journal adjustment file as a text file with a file with a .txt extension.

To record adjustments manually

If your company file is set to 13 accounting periods in the financial year, assign your adjustments to the 13th period by entering an asterisk (*) before the date, for example, *30/9/2004.

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

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

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.

2	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.

e	If necessary, change the default VAT code for the account by typing the required VAT code or selecting it from the list.

note : Journal entry must be balanced

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

3	Click Record to record the journal entry.

To import nominal journals from your accountant

1	Go to the File menu, choose AccountantLink, then Receive from Accountant. The Open window appears.

2	Locate and select the file containing the nominal journals sent by your accountant.

3	Click Open. The accounts are imported and a message appears, giving you the results of the import. If there are any errors, read the information in the AccountEdgeLOG file (AccountEdge) or AccountEdgePLOG file (AccountEdge Plus) which can be found in the same folder as your company file resides.