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Year-End Adjusting Journal Entries

Somewhere between the end of January and the middle of April, the typical business will get a ream of year-end adjusting journal entries from their CPA or tax professional. This frequently leads to data entry problems, because your accounting clerk may not know how to make these entries and your CPA may not be familiar enough with your software to provide any guidance. The following tips should help you through the process:

• Adjusting year-end journal entries should be dated December 31st of the previous calendar year or the last day of the company's fiscal year, if you don't use the calendar year. If you have already closed the prior year out in your accounting software, the entries should be dated January 1st or on the first day of your fiscal year.
• Entries will need to be made through a Journal Entry option in your General Ledger. Depending on your accounting software the Journal Entry option can usually be found in menus with names like Edit, Chart of Accounts, Financials, General Ledger or Transactions.
• Adding journal entries can be confusing to an employee that is not familiar with debits, credits or basic double entry bookkeeping concepts. Most systems will allow you to make entries in clearly marked Debit and Credit Fields or will expect you to enter the amounts as positive or negative numbers. The debits and credits in each journal entry should balance one another. In some systems this will show as a Net Amount To Be Posted that is equal to Zero.
• If your accountant didn't specify the entries as debits and credits and just used positive and negative $ amounts, you will need to know how to make each entry. The following chart can be used to determine whether an entry should be a debit or credit:

Special care must be taken in making year-end adjusting entries, if you have already closed out the previous year in your system. All revenue and expense adjusting entries including Amortization, Depreciation, Interest Income, Interest Expenses and Miscellaneous Income or Expense entries will have to be entered into your Balance Sheet using one Equity account. This account will usually be Owner's Draw for sole proprietors, Partner's Draw for partnerships or Retained Earnings for corporations. If you have to take this approach, we recommend using the proper account name for each entry in your descriptions, so that you can tie back to your Accountant's year-end adjustments worksheet.

Once you have made all your adjusting entries and printed out your final year-end reports, you should be ready to close out the year in your accounting system. This will usually require printing out your final year-end journals, posting your final entries and printing out your year-end financial statement. Don't forget to print out a copy of the final year-end adjustments that you just finished making.

It is important to make a PERMANENT Backup of your data before closing out the year. This backup provides the only access to the year you are closing, if a mistake has been made and additional entries are required. If you really get stuck, we offer telephone support help for making year-end adjustment entries. The first 5 minutes are always FREE and our rates are $6 for each 5 minutes thereafter.

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