Year-End Adjusting Entries Maintenance

Use the Year-End Adjusting Entries routine to manually enter adjusting journal entries for the General Ledger.  All entries are automatically posted to period 14.

Also called:  Adjusting Entry

For additional information, click More.

Directions:

To see directions for...

• Opening Year-End Enter Adjusting Entry, click More.

  1.  Click Year End from the Menu Bar.

  2.  Click Year End Adjustments.

  3.  Click Enter Adjusting Entry.
  
  Tip:  Or, use the keyboard shortcut:  [ALT] [y] [a] [e].
  
  
  Note:  You may be able to access the General Ledger menu while in another INVISION module.  To activate the General Ledger menu in another module, the G/L Application Control must be set up for the module during installation.

   

  Year-End Enter Adjusting Entry Window Example:

  

   

• Creating new adjusting Journal Entry Transactions, click More.

   

  To create a new journal entry with the associated debit and credit transactions:

  1.  The Period is set to the Closing Period (14).

  2.  Enter the Entry Date or press [TAB] to accept the system date default value.

  3.  Enter the Reference (required).

  4.  Select the Journal Code.

  5.  Click Continue .

  6.  To enter the first transaction, click New or press [ENTER].

  7.  Enter the debit and credit transactions.

  8.  When the debit and credit amounts balance so that the Journal Balance is zero (0.00), click Completed .

   

  Tip:  To indicate that you are creating a new journal entry, New  displays near the period.  Default entries display and the first field is highlighted to let you know you can begin entering information.

   

  Year-End Adjusting Entry Window Prompts Tip:  To see more information about a field, click the hyperlink for the field name.
  Journal Entry Selection Criteria
  Period	Period 14, the closing period displays for your reference.
  Entry Date	To accept the default system date, press [TAB], or you can enter a different date, which becomes the Posting Date for the journal entry transactions.  (mmddccyy - century and slashes optional) Notes: If you enter an Entry Number to be maintained, the Posting Date is replaced by that of the Entry Number. For transactions to older periods, you can still use today's date.  Or you can use the date of the source document.  It is your choice.  General Ledger uses the period, not the date when posting the transactions. If the Check Closing Date Option is set to Y(es) during GL Profile Maintenance, and you enter a date that falls after the Period Closing Date, you will see a warning. To enter the transaction, click Yes.  Or, to clear the window and start over without entering any transactions, click Cancel.
  View/Edit Journal Entry	If you want to change any transactions for an existing journal entry, enter the Entry Number.  The program retrieves the transaction and displays it in the Transaction List.  (5.0 numeric) Note:  If you change the amount on a single transaction, your journal entry will be out of balance.  Be sure to make the changes necessary to bring it back in balance. Tips: You can skip this field when adding transactions for a new journal entry. To see a list of unposted journal entry transactions for the specified period, click Search . Keyboard shortcut:  [CTRL + f]
  Reference	Enter a reference value to uniquely identify the journal entry.  All transactions for this journal entry will share the same reference.  (up to 20 characters) Required Examples:  You can develop your own system of reference identifiers, such as the operator initials, a bank account number, a journal entry number, or any other unique numbering system. Tip:  To change the Period or Date at this point, press [CTRL + x] to clear the window.
  Journal Code	Displays the YE - Year End Journal Code, which is required for year-end adjustments.  (predefined)
  	After entering the selection criteria above, click Continue to enter the transactions for the journal entry. Keyboard shortcut:  [ALT + c]
  Transactions
  Account Number	Enter the Account Number for the transaction.  (format varies) Required Tip:  To see a list of accounts, click Search . Keyboard shortcut:  [CTRL + f] Note:  If you enter a Control Account, you will see the following warning: Options: OK - To enter the transaction for a Control Account, click OK or press [ENTER]. Keyboard shortcut:  [ALT + o] Cancel - To cancel the transaction and re-enter a different Account Number, click CANCEL. Keyboard shortcut:  [ALT + c]
  Account Description	The Account Description displays for the highlighted journal entry transaction.  (up to 30 characters)
  Description	Enter an optional Transaction Description for each credit or debit transaction.  (up to 30 characters) Example:  To correct wrong account #. Tip:  You can see the Transaction Description on the Year-End Journal Listing for adjustments.
  Amount	Enter the Transaction Amount for the credit or debit.  (12.2 numeric) Note:  Always enter the Transaction Amount as a positive number.  To create a negative transaction, simply select the opposite Debit/Credit Option.
  Debit/Credit	Click the Debit/Credit Option in the drop-down list for the Transaction Amount.  (predefined) Tips: For the first transaction, the Debit/Credit Option defaults to Debit.  Then it switches to Credit for the second line.  The default continues to switch back and forth between Debit and Credit. Occasionally, account adjustments require that a debit transaction be entered to an account the typically carries a credit balance or vice versa.  You can change the Debit/Credit option as required.
  	To start the first transaction, click New or press [ENTER]. Tip:  Saving a previous transaction automatically sets you up to enter the next transaction, so you do not have to click New after you start the first transaction.
  	To delete a transaction: 1.  Click to highlight the transaction in the Transaction List. 2.  Click Delete . 3.  The following warning message displays: To delete the transaction, click OK  or press [ENTER]. Keyboard shortcut:  [ALT + o] To return to the window without deleting the transaction, click Cancel.
  	Warning:  If deleting a transaction causes the debits and credits to fall out of balance, you must correct the transactions so that the Journal Balance is zero (0.00).
  	To save the changed values for a transaction, click Save or press [ENTER].
  	To indicate that you have completed the journal entry by entering all of the associated credit and debit transactions, click Completed .   Note:  If the debit and credit amounts do not balance out so that the Journal Balance is zero (0.00), you will see the following warning: Options: Yes - Allow the unbalanced journal entry. Keyboard shortcut:  [ALT + y] No - Do not finish the journal entry.  Return to the window to finish entering balancing transactions, so the debit and credit amounts add up to zero. Keyboard shortcut:  [ALT + n] Cancel - Same as No. Keyboard shortcut:  [ALT + c]
  Total Debit	Displays the sum of the debit transaction amounts in the Transaction List, for your reference.
  Total Credit	Displays the sum of the credit transaction amounts in the Transaction List, for your reference.
  Journal Balance	Displays the sum of the debit and credit transaction amounts according to your selection: Journal Totals:  Displays the total of all journal entries for the period. Entry Totals:  Displays the totals only for the journal entry transactions displayed in the Transaction List. Note:  The Journal Balance for all journal entries should be zero (0.00).  However, in some cases the displayed entries may legitimately be out of balance (not zero).  For example, if you select a single transaction to change or delete, the Entry Total appears out of balance.
  or	To change the Journal Balance displayed: To display the total of all of the journal entries for the period, click Journal Totals. To display the total of only the displayed journal entry transactions, click Entry Totals. Tip:  Only one button displays at a time.  They toggle back and forth each time you click one.
  Transaction List	The Transaction List includes the line items for the debits and credits that comprise this journal entry.  Each row in the Transaction List includes the following fields: Entry - Entry Number Code - Journal Code Account # - Account Number Description - Transaction Description Debit - Debit Transaction Amount Credit - Credit Transaction Amount Tip:  To change a transaction, simple click to highlight the row, and then make the change.
  	To close the Enter Adjusting Entry window, click Close . Tip:  Or, click File from the Menu Bar, and then click Exit. Keyboard shortcut:  [ALT] [f] [x].

   

• Editing existing adjusting Journal Entry transactions, click More.

   

  CAUTION:  To avoid losing data, you must save new or changed records.

  To change existing transactions for a journal entry:

  1.  Display the transaction to be deleted:

  • Click to highlight the row in the Transaction List.

  • Or, to select a previously entered (unposted) transaction, enter the Entry Number or click Search to see a list of transactions for the period specified.  Double-click the appropriate transaction to display it in the Transaction List.
    Keyboard shortcut:  [CTRL + f].

  2.  Make the change to the transaction.

  3.  Click Save .

  4.  Repeat for other transactions within the journal entry.

  5.  When the debits and credits balance so that the Journal Balance is zero (0.00), click Completed .

   

• Deleting existing adjusting Journal Entry transactions, click More.

   

  To delete a transaction:

  1.  Display the transaction to be deleted:

  • Click to highlight the row in the Transaction List.

  • Or, to select a previously entered (unposted) transaction, enter the Entry Number or click Search to see a list of transactions for the period specified.  The program retrieves the transaction and displays it in the Transaction List.
    Keyboard shortcut:  [CTRL + f].

  2.  Click Continue .

  3.  Click Delete .

  4.  You will see the following warning message:
  
  
  
  Button Options:

  2. Yes - Delete the transaction.
     Keyboard shortcut:  [ALT + y]
     
     Note:  You will see the following message on the Status Bar.
     
     
      

  3. No - Do not delete the transaction and return to the window.
     Keyboard shortcut:  [ALT + n]

  4. Cancel - Same as No.
     Keyboard shortcut:  [ALT + c]

  Warning:  If deleting a transaction causes the debits and credits to fall out of balance, you must correct the transactions so that the Journal Balance is zero (0.00).