This article describes how to post year end journals within Insight
Prerequisites:
Year End adjustments need a balancing Journal where both columns are equal.
Limitations
The following control accounts cannot be included in the journal:
- VAT liability
- Bank Accounts
- Office Debtors
- Purchase Ledger Liability
- Billed Costs
If these control accounts have been included in your Journal, refer back to your accountant and explain that they cannot be posted to as they are control accounts, they will need to send through a new balancing journal.
Process
- To post the journal go to Accounts > Batch
This will open the batch posting screen. Enter the defaults for the Journal into the fields in the Defaults window
- Enter the Date
- Posting type will be N2 Nominal Cheque
- Enter a Reference and Description
- Amount can be left blank as these will be difference values for each entry
- Select VAT Rate - Outside Scope of VAT
- Once all of the defaults have been entered you can then start to add all of the lines on the journal
- To add the first line click on Add in the top left of the screen
The details of the first line of the journal can now be entered into the Posting Details section.
- Enter the nominal code or look up the nominal by clicking on Lookup, which will open in a pop up
- Enter the value in the Amount box
- Select whether it is a Debit or Credit
- Enter the Bank account - this will need to be the same bank account for each line of the journal
This will then add the line into the box labelled Postings in Batch
Adding Entries
- To add subsequent entries, click on Add Posting found in the posting details box or the Add button in the menu ribbon
- Continue this process for all of the journal entries by clicking on Add for the next line until you have completed all lines for the journal
Once all of the lines have been entered they will all show in the Postings in Batch box. To be able to post the journal, once all entries have been added the batch total in this box must be £0.00
- Before posting the batch you can check the effect this will have on the Nominals by clicking on Nominal Balance Changes
- Check all of the Journal lines have been added and the batch total is £0.00
- Click on Post to enter all the postings to the relevant ledgers
**Please note: Until you click on the post button, the postings will not affect the ledgers**
- The pop up will appear. Click OK to confirm
All entries will now be posted to the relevant Nominal Ledgers and appear on the Bank Reconciliation.
The entries can be marked as cleared on the Bank Reconciliation as they should have £0.00 effect on the balance.