The accountant sent me a list of journals he wants posting for year end, some in wrong nl by mistake, others depreciation etc. I can see where he wants me to credit/debit the ledgers but not the other side if you see what I mean. When I have done journals before it was always to debit/credit 2 different accounts with the same amount. Not sure where he wants the corresponding debit/credit? It is a new accountant how seems very keen on straightening everything even entries from decades ago. Happy to do them but not sure how? Can anyone help?
He has given the list of things he wants moving but not the other side for example do a journal to credit the directors loan account by £55.20 taken out in error but not where the debit would be.
If it's not clear what you need to do from the list that the accountant has given you, then I would go back to them and ask them to clarify exactly what postings they want you to make. That's easier than you worrying that you're not adjusting things correctly.
__________________
Pearce & Co - Chartered Accountant and Chartered Tax Adviser
If these are the opening balances after the year end has been completed, I would suggest they go to the P & L Account, you need to know what the balance is on the P & L and make sure it agrees with the accountant's figures after the journals have been done.
Hi, the year end journals are normally provided as a summary of the total adjustments to each balance sheet nominal account with the p&l reserves adj being the total of all the p&l adjustments.
Hopefully on the schedule provided the Dr column = the cr column?
Any half decent accountant would also provide a p&l reserves reconciliation for you to confirm the carried forward p&l reserves total to the figure in the final accounts.
Hope that helps
__________________
"Quite simply the best add on for Sage we have ever invested in.."
Want to see what all the fuss is about? Click here: OptegraMRP
