I was hoping someone could help me out with a problem I have. After sending our accounts to our accountants last year they have given me a Closing Balance Journal, and have asked me to post the closing adjustments. The trouble is, I'm not sure how to do this!
I've been given a list (figures) of Debits and Credits to post under specific nominal codes with the instructions "Post journal entry date 31 December 2009 (T9 tax code)".
I've also been given a list of Debits and Credits to post following through sales & purchase ledger. I'm assuming the second part is just as simple as having to post the items in the same wasy as I usually would when we receive an invoice or order? I'm just not sure how to go about the first part!
If anyone can offer me any help it would be much appreciated as I'm about to start pulling my hair out
Assuming you are using Sage - To post your year end journals you need to go into Nominal Ledger - Journals - enter a Ref and the date you have been given and go through line by line entering the debit and credit balances in the relevant boxes to the relevant nominal codes. When you have entered the complete set of adjustments your balance should be zero and you can save the journal.
Regarding the list of debits and credits to the sales/purchase ledger, do you mean they have given you adjustments to the debtors and creditors ledgers? What do these relate to?
Re the second list, yes, I think they must be adjustments to be made to the debtors and creditors ledgers. The list contains a figure, a ledger code, and a customer/supplier name for each entry, and the instructions are to post them all through the sales and purchase ledger under the same nominal code and same tax code. I hope that makes sense...? :s
Should you not be going back to your accountant and asking them these question?
They should be happy to explain what they are doing. In essence they are giving you adjustments so your SAGE accounts tie in with the signed final accounts. There must be adjustments to the debtors and creditors list if they are giving you individual amounts to post to your debtors and creditors.
It is best to speak to them to get them to explain as they will know best. Or better still get them to come out to your premises and post the adjustments onto your system so you can be sure that it is correct (or at least know who to blame if it isnt)
