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Post adjustments to the trial balance

Deze functionaliteit is alleen beschikbaar voor producten op het CaseWare Cloud SE-platform. De Samenstel app en PBC+ zijn op het moment de beschikbare SE-producten.

You can post a number of different entries to your trial balance. Options include adjusting entries, reclassifying entries, uncorrected entries, and tax entries, which are all accessible from the Adjustment menu.

Posting adjusting entries

If you need to make an adjustment to an account or group, you can post an adjusting entry using the Adjustment menu. You can post entries to accounts or groups, and include a description of the entry and annotation.

To post an adjusting entry:

  1. From the top menu, select Trial Balance.

  2. Select the grouping menu and choose one of the available grouping structures.

    Selecting the grouping drop-down menu.

  3. Select the Add icon (), then select Adjustment.

    Selecting the Adjustment option from the Add drop-down menu.

  4. Enter the Adjustment Number.

    Tip: SE automatically increments the adjustment number.

  5. Choose an adjustment Type:

    • Normal: Use to update all relevant automatic documents such as journals, ledgers, trial balance, financial statements, and leadsheets. When updating from one period to another, including a year-end close, these entries are transferred from the adjustment column to the opening or preliminary balance column on the trial balance and leadsheet documents.

    • Reclassifying: These are not recorded in the normal accounting records. However, they are recorded in all financial statements and working papers such as leadsheets. When made in any period other than the last period of the fiscal year, reclassifying entries are excluded from the accounting records. In this case, the entries to non-consolidated balances do not have to be reversed.

      Reclassifying entries made in the last period of the fiscal year get included in the next year's opening balances when either of the following choices is made during a year end close: Update next year's opening balance with consolidated or report. Those reclassifying entries then have to be reversed.

    • Eliminating: Use to prepare combinations or consolidations of divisions or companies. These entries appear in consolidated trial balances, leadsheets, and financial statement documents.

    • Unrecorded - Factual: These represent factual misstatements that will not be recorded because of materiality or proposed entries that may be subsequently changed to a normal status. These entries appear on the Summary of Uncorrected Misstatements Document.

    • Unrecorded - Projected: These represent projected misstatements that are unrecorded based on the auditor’s best estimates of misstatements in populations, usually derived from sampling. These entries appear on the Summary of Uncorrected Misstatements Document.

    • Unrecorded - Judgmental: These represent judgmental misstatements that are unrecorded based on differences arising from the judgments of management concerning accounting estimates, or the selection or application of accounting policies that the auditor considers inappropriate or unreasonable. These entries appear on the Summary of Uncorrected Misstatements Document.

    • Tax - Federal: These adjust the federal tax balance. They are not recorded in the normal accounting records. Use the trial balance, journal, and leadsheet documents to display the federal tax entries. If creating a Journal - Adjusting journal entries automatic document, any Permanent or Temporary adjusting entry displays in the Difference column of the report.

    • Tax - State: These adjust the state tax balance. They are not recorded in the normal accounting records. Use the trial balance, journal, and leadsheet documents to display the state tax entries.

    • Tax - City: These adjust the city tax balance. They are not recorded in the normal accounting records. Use the trial balance, journal, and leadsheet documents to display the city tax entries.

    Choosing an adjustment type from the Type drop-down menu.

  6. Enter a description for the adjustment.

  7. Under Details, select + Account line to post the adjusting entry to an account, or select + Group line to post it to a grouping.

  8. Select an account or a grouping and enter the adjustment amount.

    If you are making an adjustment to a group in a consolidated file, you must select the entity to apply the adjustment to.

  9. Select + Account line or + Group line to add another account or grouping to balance the adjustment.

    The adjustment dialog displaying all of the information for the adjustment.

  10. Klik op Opslaan.

Your adjusting entry posts to the account or group. The trial balance immediately updates with the new values.

The trial balance page displaying the adjustments and new final amounts for both accounts.

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