Balance Sheet journals let you adjust cumulative positions in your consolidation. Unlike P&L journals, these entries carry forward automatically each month until changed or reversed.
Step 1: Open Balance Sheet Journals
Go to your Complete Consolidation in Working Papers.
If your GRT includes both P&L and Balance Sheet, click the Balance Sheet tab.
Locate the month where you want to add the journal.
Step 2: Start a New Journal
Click the “+” icon in the chosen month’s column.
The Add Journal window will open.
Step 3: Fill In Journal Details
Narration: Describe the journal (e.g., Reclassification Adjustment).
Type: “Journal Entry” is the only option.
Tag: Choose Elimination, Reclassification, Accounting Adjustment, or Other.
Ref No: Optional internal reference.
Date: Match your consolidation period.
Reporting Cadence: Auto-matches your consolidation frequency.
Step 4: Enter Amounts
A new column appears for your journal.
Follow accounting rules:
Assets: Debit ↑ / Credit ↓
Liabilities & Equity: Debit ↓ / Credit ↑
Enter values in the correct Debit/Credit boxes.
Step 5: Save the Journal
Ensure Debits = Credits.
Click Save to activate the journal.
The entry will carry forward to all future months.
Managing and Adjusting Journals
Managing and Adjusting Journals
A. Editing and Adjusting
Increase an amount: Add more to the same side (Debit or Credit).
Decrease an amount: Post the adjustment to the opposite side.
Reverse next month: Tick Reverse in Next Month for temporary entries.
Example: Add £300 in March → April automatically removes it.
B. Viewing Net Positions
Click Edit on a journal.
Select Net Positions to see its cumulative effect across all accounts.
C. Managing Journal Status
Deactivate: Click the ✓ icon to remove the journal from consolidation for that month (it remains in the system).
Reactivate: Click ✓ again to make it active.
D. Frequency Changes
Balance Sheets are point-in-time snapshots.
If you switch to quarterly, only the last month of each quarter is shown (e.g., March for Q1).
E. When Amounts Disappear
A journal that nets to zero will not appear in consolidation.
To make changes, open it from the Journal screen.
It Works When:
Your adjustments carry forward as intended, reversals happen in the next period if selected, and your consolidation stays balanced:
Total Assets = Total Liabilities + Equity.
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