tag:support.easybooksapp.com,2011-04-05:/discussions/questions/6724-year-end-balance-adjustmentsEasy Books: Discussion 2018-10-18T20:08:45Ztag:support.easybooksapp.com,2011-04-05:Comment/329852162014-05-16T08:14:33Z2014-05-16T08:14:33ZYear end balance adjustments<div><p>Hi Richard,</p>
<p>Good question. I would tackle it using a dedicated adjustment
account. Post two transactions, one for all the credits and a
second for all the debits. Here's a step by step and screenshots
attached:</p>
<ol>
<li>
<p>First add a new account called Adjustments in the category
Unknown.</p>
</li>
<li>
<p>Add a transaction (so this account is set as Account 1). Set the
date as the last day in your financial period and set the
Transaction Type to Debit. Work through adding a split for all the
credit transactions in your list. So you should have something like
screenshot 1.</p>
</li>
<li>
<p>Add a second transaction like the first. This time set the
Transaction Type to Credit and work through adding the debit
transactions from your list. You might save time by simply
duplicating the first transaction and editing it. You should end up
with something like screenshot 2.</p>
</li>
</ol>
<p>Note the balance left in the new Adjustments account should read
zero after both of these transactions have been entered.</p>
<p>You said you already have the accounts set up. I didn't set them
up properly in my screenshots so please excuse me if I didn't put
them in the right categories, it's just to show how to enter the
transactions by way of a dedicated new account.</p>
<p>After entering these two (dated the final day in the period)
please make sure you use the Consolidate option in the Profit &
Loss report. This will lock the previous transactions and return
your income and expense account balances to zero ready for this new
financial period.</p>
<p>All the best,</p>
<p>Mathew</p></div>Admintag:support.easybooksapp.com,2011-04-05:Comment/329852162014-05-16T10:02:52Z2014-05-17T06:55:03ZYear end balance adjustments<div><p>Brilliant! Thanks again.</p>
<p>Richard</p></div>richardtag:support.easybooksapp.com,2011-04-05:Comment/329852162014-05-16T20:23:29Z2014-05-16T20:23:29ZYear end balance adjustments<div><p>Since this might be really useful for the rest of the community,
would you mind my making the discussion public? It does contain a
few figures so I ask first! If you agree I will remove other
information such as your email signature, company etc.</p></div>Admintag:support.easybooksapp.com,2011-04-05:Comment/329852162014-05-16T22:18:32Z2014-05-17T06:54:42ZYear end balance adjustments<div><p>Yes, that's fine. As long as all the data is anonymised.</p>
<p>Thanks</p>
<p>Richard</p></div>richard