Task 4: Enter end-of-year adjustments

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 Task 3: 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.

To record adjustments manually

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.

note :

If your company file is set to 13 accounting periods in the financial year, you can assign your adjustments to the 13th period by entering an asterisk (*) before the date, for example, *30/06/2008.

[Optional] In the Memo field, enter a comment to describe the transaction, for example, Depreciation–Motor Vehicles.

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 Tax code for the account by typing the required tax 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.

Click Record to record the journal entry.

To import from Accountants Office

Go to the File menu, choose AccountantLink, then Receive from Accountant and select Lists of Accounts. The following window appears.

Click OK. The Open window appears.

Locate and select the file containing the accounts list sent by your accountant.

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 AccountEdge Import Log file, which is located in the same folder as your company file.