Journal 09 (Prior Month Adjustments) allows you to continue posting to the previous month after the books have been closed. You can only make journal 09 entries from the General Journal Entries screen. You post the entries the same way you post a General Journal entry, but you use journal 09. The system will post the entry to the previous month and adjust the beginning balance for the current month accordingly. After posting to the current month, you must recompile the previous month’s financial statement.
Do not make journal 09 entries during the first month of the year to correct entries for the last month of the previous year. You must use the thirteenth-month entries to make these types of adjustments. In addition, you should not post to the previous month if you have generated and submitted your financial statement for that month.
Step 1. From the Dealership Accounting main menu, select Journal Entries.
Step 2. The Journal Entries menu will open. Click General - Purchases - Receipts.
Step 3. From the Journal Entries submenu, click General.
Step 4. Type the document number in the Document field of the General Journal Entries screen.
Step 5. The Journal field automatically defaults to 80, General Journal. Change this field to 09 for prior month adjustments.
Step 6. Type the general ledger account number. When the cursor rests in this field, the field label reads, “G/L List.” Click the label to view a list of general ledger accounts. Use the drop-down menu at the bottom of the View Ledger screen that opens to filter the account list as needed. Click the account you wish to select from the appropriate list.
Step 7. Press ENTER to advance through the Document field. The document number fills in this field.
Step 8. If this is a scheduled account, type the control number in the Control field. Use the Schedules button to search for existing controls for the account. When you enter a control, the top of the screen displays the account information for the control. Once you enter a control, you can press HOME to make the control for the subsequent lines default to the same control.
Step 9. Use the Description field to type a description for the prior month adjustment. Once you enter a description, you can press HOME to make the descriptions for the subsequent lines default to the same description.
Step 10. Type the amount in the Debit or Credit field. You cannot enter values in both of these fields for the same line.
Step 11. Continue to enter lines for the adjustment as needed. The Total Debits, Total Credits, and Balance fields automatically calculate the amounts as you enter lines.
Step 12. When the entry balances, click Save Transaction or Post Transaction. The button description changes based on the posting method you selected. (You can also press ENTER in a blank G/L field).
Step 13. If you selected to post directly to the general ledger and schedules, click to select to post to the current month or next month, or select to batch the entry.
If you selected to batch post, click File It! when prompted to verify you want to file the entry. (Click No, Not Yet to continue working.)