How do I Create Adjustment Journal Entries?

How do I Create Adjustment Journal Entries?

To create a new adjustment journal entry, complete the following steps:

  1. Launch the ‘New Adjustment’ dialog by either:

    1. Clicking the + button in the upper right corner, and selecting Adjustment; or

  1. Navigating to the ‘Adjustments’ tab, and clicking the + Adjustment button.

  1. The ‘New Adjustment’ dialog contains the following fields:

    1. Adjustment Number: Automatically generated, and editable.

Note: A warning message will display if the number is changed to an adjustment number already in use by an existing journal entry.

  1. Type: From the dropdown list, select the appropriate journal type.

  2. Period: From the dropdown list, select the year the journal entry is required for.

Note: This will not display if a prior year trial balance has not been imported.

  1. Description: Enter text detailing the adjustment journal entry.

              


  1. To assign accounts to the adjustment journal entry:

    1. Click the + Account line button

  1. Click within the 'Select account' field, and navigate to the required account by either:

    1. Using the vertical scroll bar, or

    2. Typing the account name or number, which will filter the account list

                          

  1. Enter a balance.

  2. To add additional lines, repeat steps a. to c.

  3. To display the complete account list, tick the Include zero-balance items checkbox.

Note: By default, only accounts with non zero balances are displayed in the list.

  1. A warning message will display if the adjustment journal entry does not balance to zero.


  1. To delete an account line from the adjustment journal entry click the X button next to the line item.

  1. To assign an annotation to the adjustment journal entry, click on the + button to where the annotation is required.

  1. To save the adjustment journal entry click Save.

As adjustment journal entries are created, they are added to the ‘Adjustments’ tab.

To view the complete list of adjustment journal entries, ensure both the current year and prior year sliders are turned on.


To view the impact of the adjustment journal entries on the account balances, navigate to the ‘Data’ tab and select the Accounts menu. The balances will appear in the ‘Adjustments’ column.

Note: The numbers appear blue as they are hyperlinks, and when clicked, navigate to the ‘Adjustments’ tab.


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