JOURNAL ENTRIES

[JANELLE]

Having an issue with a journal entry in regards to the Ledger codes.

The Code 3-9000 shows in the Chart of Accounts but when you try to bring this code up for the journal entry, all that comes up is another Ledger Code of 3-9999.

How do I get this other Code from the Chart of Accounts to show for this Journal entry.?

Your assistance would be greatly appreciated.

Many thanks

Janelle

[Steven_M]

Hi @JANELLE 

Typically, 3-9000 is the Current Year Earnings account. This is the one account within AccountRight that you are not able to record a transaction to. The reason being its a theoretical account used to report the Net Profit/Loss for the current financial year (or Current Year Earnings) on your Balance Sheet.

Occasionally, you will get the odd accountant that would indicate that you need to transfer the balance of that account across to the Retained Earnings account or other owner-based equity accounts. This is done automatically by the software when you complete a financial year within the software.

[Mike_James]

Hi @JANELLE , another possibility, relating to accountants' EOY adjustments, is that they prepare a journal with all the profit amounts rolled up into one amount.  For those,  I use an account in the 8xxxx or 9xxxx series called EOY adjustments, depending whether the amount is income or expense.