Year End Adjustment to A/P

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Posted By Ryker over 11 years ago

I understand that I can't make an adjusting entry to A/P because it is a linked account. I had one YE adjusting journal entry to do from my accountant:

debit 2100 a/p $101.53 credit 3025 shareholder's loan $101.53

I changed the date so I could go in and make this adjustment directly through the accounts payable module. It was 2 transactions that were originally entered as A/P rather than cash payments.

I continued on with my adjusting YE entries. Everything worked perfect except now when I run my trial balance I am short $101.53 in my 1060 chequing account and over 3025 shareholders loan by $101.53.

How can I get those 2 accounts to balance so I can proceed with my year end?

Patrick S over 11 years ago

Hi Ryker,

So usually when you process a transaction a sub-ledger control account like A/P that can cause an discrepency between the sub-legder and the general ledger. I assume that when your accountant asked you to process a transaction on AP that should not create a discrepency between AP and the general ledger.

The way to check that everything is balanced is to click on Maintenance > Check Data integrity. If it says data OK then you are fine if not then you will have an askerix on where the problem might be.

From what you are mentioning the bank can be debited (because it is short) and Shareholder loan credited as it is over funded. Please check with your accountant if that is the right transaction to process. You can also find a Sage 50 Certified accountants here : http://edirectory.accpac.com/simplysearch/

Thank you.
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Year End Adjustment to A/P

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