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Processing a Journal Entry

Processing an Adjusted or Unadjusted Journal Entry in MyWorkpapers is easy. Simply:

 

  1. In the Working Paper Index of your file, click on the Journal Entries tab on the functions toolbar;

  2. Enter a journal number and brief description of your adjustment in the box provided;

  3. Click the Add button;

  4. Select the type of adjustment from the drop down menu;

  5. Select the date of the journal;

    Note that the journal will default to your current year end date. Any date that you select between the start and end of the current financial year will update your Current Year Balances. If the journal date is selected as your prior year end date, the journal will update the Prior Period Balances.

  6. Add a reference to the workpaper where the adjustment relates to, by hovering to the right of the Ref description until the pen icon appears;

  7. Select the first account you wish to adjust from the drop down list provided;

  8. Make the required adjustment in the debit or credit column. Note that all figures are to be entered as positive values;

  9. Complete steps 7 and 8 until the journal is balanced;

  10. Add Comments to support the journal as required;

  11. Your journal will now appear on the Summary of Adjusted Misstatements or the Summary of Unadjusted Misstatements as selected.

 

To process an Adjusted or Unadjusted Journal Entry is the same simple process. All you need to do is select the appropriate journal type in the menu provided.


If you create a journal that is not balanced, the journal will change colour as highlighted below;

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