Adding and editing journal entries

Alerts and notices

You can add and edit journal entries when you work with trial balance data.

Adding journal entries

  1. Click the Journal Entries tab for the applicable engagement.
  2. Click the Add Journal Entry button in the ribbon.
  3. Select the journal entry type and enter a reference.

    Note: AdvanceFlow displays a red asterisk to the right of all required fields.

  4. If you select Reclassifying, Federal Tax, State Tax, Other, Other 2, or Other 3 for the type, also select the appropriate difference type. If you select Proposed for the type, also select the appropriate misstatement type.

    Note: You can add Eliminating, Federal Tax, State Tax, and Proposed type entries to consolidated engagements. You should add other types of journal entries at the subsidiary level.

  5. (Optional) Enter a workpaper reference. To select a reference used by an existing workpaper, click the Lookup list Lookup list button button for the Workpaper Reference field, choose a workpaper, and click OK.
  6. The Roll Forward field defaults to Exclude. If appropriate for this entry, select a different roll forward type.
    • Exclude: The entry will not roll forward to the new engagement.
    • Include: The entry will roll forward to the new engagement with all fields in their current state.
    • Reverse: The entry will roll forward with reversed balances. You may want to select this to reverse accruals for a compilation, for example.
    • Zero Balances: The entry will roll forward with all fields in the current state, but the balances will be zero. You may want to select this for entries that you make every year that use the same account numbers but have different amounts.
  7. (Optional) Enter a description for the journal entry.
  8. In the grid, enter the accounts, descriptions, and debit and credit amounts for the records that comprise the entry. To select an existing account, click the Lookup list button in the Account column and select an account from the dialog that opens.

    Notes

    • In the Account Lookup dialog, you can search for an account by the account number or description, or you can add a new account to the engagement on the fly by clicking the Add button.
    • To record a compound journal entry, press ENTER or TAB after you have completed the second journal entry line to add another line, or right-click and choose Add Row from the context menu.
  9. Click the Save button.

    Note: AdvanceFlow gives you the option to enter journal entries that are out of balance. Any out-of-balance entries are indicated in the appropriate columns on the Trial Balance tab.

Editing journal entries

  1. Click the Journal Entries tab for the applicable engagement.
  2. In the list at the top of the workspace, click the journal entry that you want to edit.
  3. Update journal entry information as needed in the provided fields.
  4. Click the Save button.

    Note: You can view a journal entry history that shows details about who created and/or updated the entries.

Right-click in the journal entry grid and choose Add Row Add button or Delete Row Delete button to add or delete rows for the current journal entry.

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