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The Book-keepers Forum -> General Book-keeping & Accounting -> Year End Journals
Post Info TOPIC: Year End Journals
Jeannie


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Posts: 2
Date: Thu Feb 16 15:36 2012
Year End Journals
 

Hi hope someone can help

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?

Jeannie



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Spamkebab


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Date: Thu Feb 16 15:40 2012
 

Could do with a list of the journal entries or some of them that you are expected to make Jeannie.

Oh and welcome to the forum.

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Jeannie


Newbie

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Posts: 2
Date: Thu Feb 16 15:53 2012
 

Hi Spam and thanks for the welcome

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.

Jeannie



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Robert Pearce


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Date: Thu Feb 16 16:06 2012
 

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.



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Spamkebab


Guru

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Posts: 620
Date: Thu Feb 16 16:12 2012
 

I think Roberts advice is spot on, as you could credit the directors loan account to a whole list of other accounts as you know.

apologies for not being too helpful, especially on your first post.

Neil.

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semsley


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Posts: 1251
Date: Thu Feb 16 19:13 2012
 

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.

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GJRobbins


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Posts: 27
Date: Fri Feb 17 09:18 2012
 

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

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MarkS


Senior Member

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Posts: 427
Date: Sun Feb 19 23:21 2012
 

Hi There

If not sure what to do i would go back to the accountant and say that and ask that they come out and put through the adjustments themselves.

That way you can be sure they are correct.

I used to do this for clients when i worked in practice

Regards

MarkS



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