Entering monthly activity

If you choose to begin using Ledger & Payables in a month other than the first month of your current fiscal year, and if you have chosen NOT to convert your data, we recommend that you enter the Current Period Changes for each fiscal month as a Journal Entry. This Journal Entry will record the totals only of the activity for each account, providing you with more complete reporting for the year.

Start by printing or collecting a Statement of Activities (a.k.a.Income Statement or Profit and Loss Statement) from your current accounting application for each month of the current fiscal year for each Entity (i.e. Church, School, Daycare, etc.). Print the report in a Detail format, and include a column for the Current Month Actual.

Next, print or collect a Statement of Financial Position(aka Balance Sheet) from your current accounting application for each month of the current fiscal year through the current month for each Entity (i.e. Church, School, Daycare, etc.). Print the report in a Detail format, and include a column for the Current Month Change.

To enter a journal entry click on the Journal Entry icon. Fill out the information and click submit.

1. The journal entry must balance; total debits must be the same as the total credits displayed at the bottom of the screen.
2. Enter the last date of that fiscal month in the Date field.
3. Enter each Income Account and in the credit column, the Current Month Actual listed on the Statement of Activities.
4. Enter each Expense Account and in the debit column, the Current Month Actual listed on the Statement of Activities.
5. Enter each Asset Account and Current Month Change listed on the Statement of Financial Position. If the change is a positive number, enter it in the Debit Column and vice versa.
6. Enter each Liability Account and Current Month Change listed on the Statement of Financial Position. If the change is a positive number, enter it in the Debit Column and vice versa.
7. Enter each Dedicated Account and Current Month Change listed on the Statement of Financial Position. If the change is a positive number, enter it in the Debit Column and vice versa.
8. Repeat this process for each Entity.
   

Check Your Work and Close the Month

Once the Journal Entries have been entered for the month’s activity, print a new Trial Balance report.

1. Print the report using the Current Month, or select a Date Range for that month and click the Preview Report button.
2. Compare the Trial Balance from Ledger & Payables with the Trial Balance from your old accounting applications.
3. Once you’re confident in your data entry, close the current fiscal month: click the Process icon → End of Period Processing → End of Month; click Submit.

Repeat the steps for Entering Current Period Changes for each month in your current fiscal year until you are ready to begin entering data in your current fiscal month.

Related Articles

Basic Setup

Enter beginning balances

Updated September 01, 2023 14:21