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Trial Balance

Adjustments overview

You can use the
Adjustments
 tab to add new and modify existing journal entries to prepare the balances in your contact's accounts for reporting purposes.
Open your project and select the
Adjustments
 tab.
In the Adjustments tab, you can complete the following actions.
  • Add adjustments.
  • Permanently delete adjustments from the current project.
  • Copy and paste selected adjustments that have no workpaper references attached.
  • Update details for an existing journal entry.
For each adjustment transaction, you need to specify one of the following journal entry types.
  • Adjusting:
     Used to post entries to unadjusted balances so that they become part of the adjusted trial balance (for example, to correct an error in recorded sales, to set up prepaid expenses, or to record depreciation on a vehicle for the year).
    Unadjusted +
    Adjusting
     JEs = Adjusted
  • Reclassifying:
     Used to change the classification for financial statement purposes. Many firms use reclassifying journal entries to move amounts from one General Ledger account to another. However, in Onvio, you can use it for any purpose.
    Adjusted +
    Reclassifying
     JEs = Report
  • Tax:
     Used to modify the presentation of account balances to comply with taxing authority regulations.
    Report +
    Tax
     JEs = Tax
  • Other:
    Used to prepare financial statements on another comprehensive basis of accounting, which is combined with the Tax trial balance to create the Other basis trial balance.
    Tax +
    Other
     JEs = Other
note
  • Any one of the 4 journal entry types listed can be marked to create a reversing entry.
  • Prior year adjustments showing in the current year are read . To edit prior year adjustments, you must revert to the prior year in which the adjustment was made by changing the current period in the
    Settings
     tab.
  • You can use one of the following methods to exclude or include multiple or single adjustments from the journal entry columns in the trial balance for the selected type, and to include or exclude them from reports with that type of adjustment.
    • Select
      Include/Exclude
       in the
      Adjustments list
       toolbar to include or exclude multiple adjustments from the trial balance calculations and reports.
      The
      Status
       column indicates whether the adjustment is included or excluded from the calculations in the trial balance and reports.
    • Select
      Exclude adjustment
       in the
      Adjustment Details
       section to exclude a selected adjustment from trial balance calculations and reports.
  • You can select and hold an adjustment row (next to the Account column) in the Distributions grid to move it up and down in the grid. Select
    Save
     to keep your changes.
  • The order of the rows displayed in the Distributions grid is the same order that will appear in the Adjustment Journal Entry.

This article applies to:

  • PRODUCT: Onvio
  • Subject: Trial balance
  • Audiences: Staff