News Office Field Order Support Contact Us

Re: Change of acctg methods adjustment entries

Search Discussion Boards
September 25, 2015 05:19PM
I am assuming that the 2014 accounting year end has been completed? If so, we can only correct the accum.depreciation as of 1-1-2015. I would simply take the adjustment amount per item. Add or subtract from the 2015 depreciation numbers and enter these into the Asset Depreciation, current year column.

Then we can make a journal entry from the Record Payment purchase to correct the depreciation expense for 2015.

1. Go to Accounting - Payments & Purchases - Record Payment/Purchase.
2. Select a Vendor (can be the company name or the Accountants name)
3. Enter date of 1-1-2015
4. Enter a memo, such as 2014 depreciation corrections.
5. Click on the Other Expense and Payments button.
6. Enter the total dollar amount of the 2014 tax adjustment number. Enter as a negative if we had to increase the current year column depreciation total for 2015. Enter a positive if we reduced the total current year depreciation from the Asset Depreciation for 2015. Highlight the Depreciation Expense account and click OK.
7. Select the same other expense button again. Enter the opposite amount matching from line 6. Change account on left hand side to Other Accounts and highlight the correct Equity account name. Examples will be (Equity - Owner name or if a Corporation select Retained Earnings - Unappropriated. Click OK.
8. Total purchases will be zero. Record and Done.

If the 2014 accounting books are still open we can simply change the current year column in the Asset Depreciation for the current year column before completing the year end process.

If you have original purchase costs that need to be changed please let me know this will be more detailed on how to correct.

Hope this makes sense.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Change of acctg methods adjustment entries

Mary Paul WilliamsSeptember 25, 2015 04:33PM

Re: Change of acctg methods adjustment entries

KathyClineSeptember 25, 2015 05:19PM

Re: Change of acctg methods adjustment entries

Mary Paul WilliamsSeptember 28, 2015 09:18AM

Re: Change of acctg methods adjustment entries

KathyClineSeptember 28, 2015 04:54PM

Re: Change of acctg methods adjustment entries

Mary Paul WilliamsSeptember 29, 2015 10:38AM

Re: Change of acctg methods adjustment entries

KathyClineSeptember 29, 2015 11:23AM

Re: Change of acctg methods adjustment entries

Mary Paul WilliamsSeptember 30, 2015 10:20AM

Re: Change of acctg methods adjustment entries

KathyClineSeptember 30, 2015 10:52AM

Re: Change of acctg methods adjustment entries

Mary Paul WilliamsOctober 06, 2015 10:35AM

Re: Change of acctg methods adjustment entries

Mary Paul WilliamsSeptember 30, 2015 11:04AM

Re: Change of acctg methods adjustment entries

Mary Paul WilliamsSeptember 29, 2015 11:38AM



Sorry, only registered users may post in this forum.

Click here to login

Privacy Statement | Terms of Use | Copyright 2009, Trimble Navigation Limited