2. Verify closing balances
In this stage, you'll be adding journals and preparing workpapers.
Use Workpapers to review the account balances, attach any supporting documents to the accounts and post adjustment journals if required. Once the accounts, workpapers and supporting documents have been reviewed and approved, post the adjustment journals. Any new accounts created in Client Accounting will also be created in the ledger during this process.
There are four main tasks to verify your closing balances:
1. Create a workpaper period
Before you can make any adjustments, you'll need to create a workpaper period. The workpaper period is where you'll do most of your work so this is a must.
2. Add your journals
Open the Workpaper period and add any movements or adjustments to correct balances.
If you're using MYOB ledger and have transactions to import, see Importing data for information.
3. Post journals to the ledger
Next step!
Go to Create Financial Reports