It is best to record most of the checks, deposits, general journal
entries, etc before you close the month. However, if there are some
adjustments you wonþt know about for many days, then itþs best to
type in what you can now, then close out.
If there are a few checks, check book adjustments, general journal
entries or accounting adjustments that you donþt know about yet,
you can enter them after you close, in the following period, using
1) Enter the adjustment Write the check, enter the
miscellaneous transaction, deposit or general journal entry
[choice 5-5-1 or 5-5-3 or 5-5-5 or 5-5-7]. Make sure the date
you type is from the prior period (see the ending date). The
transaction screen might warn you that the entry wonþt hit the
financial reports, but continue on anyway.
2) Change the Chart of Accounts from a Previous Month If
adjustments are made to previous periods, you will have to
manually adjust the chart of accounts. Choose Enter/Edit Chart
of Accounts [choice 8-5-1] and type in the account number.
When the question: Do you want to enter totals for previous
months? appears, answer Yes.
Note that you will have to calculate the figures. For example,
If you are entering a bank charge of $25.00 for the previous
month, you would need to adjust the MONTHAGO 1 figure by
$25.00. If there were already a figure of $51.00 in there, you
would have to adjust this to $76.00.
Notes: Making a value in an asset account a greater positive number
reflects a greater asset value.
Making a value in a liability account a greater positive number
reflects a greater liability (owing more)
Making a value in an operating expense account a greater positive
number reflects more expenses.