Recording and summarising Journal Entries
Once you have imported the client trial balance, you are then able to utilise the Journal Entries function. The Journal Entries function allows you to record various types of journal entries, namely being either adjusting or unadjusted journal. The primary difference between adjusted and unadjusted journals is that adjusted journal entries will be posted to the trial balance imported, therefore updating the appropriate lead schedules, Profit & Loss and Balance sheet, whereas the unadjusted entries will not impact on the trial balance imported, but will be summarised on a Summary of Unadjusted Misstatements workpaper for consideration at the completion stages of your audit.