Balance Sheet Adjustment | Scribe

    Balance Sheet Adjustment

    • Annmarie |
    • 15 steps |
    • 40 seconds
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    The below steps will guide you in adjusting your balance sheet balance to the correct amount.
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    Alert! You will need to decide where the balancing entry should be posted, it may be the Starting balances heading or an income / expenditure. If you are not sure you must discuss the posting with your independent examiner / accountant / auditor.
    1
    Navigate to [https://www.myfundaccounting.online](https://www.myfundaccounting.online/dashboard)
    2
    Click "Transactions"
    3
    Click "Journal Entry"

    Reduce the bank balance on the Balance Sheet

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    The below steps will assume that your bank balance is too high and this needs to be reduced
    4
    Enter the date and select the bank account and fund that is too high. Enter the amount you need to reduce this by and select Credit. You can type a reference and description should you wish and a note to go against the transaction. Click "Store"
    5
    The element has been stored towards the bottom of the screen. To post the transaction we now need to enter the Debit side.
    6
    Click "Add new Element"
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    Select the account where the balancing entry should be posted from your Nominal Account Drop down bar. In this Example we have selected Z02 Gains and Losses code. Enter the amount you need to decrease this by and select Debit. You can type a reference and description should you wish and a note to go against the transaction. Click "Store"
    8
    Click "Post"
    9
    A transaction number will be issued Click "OK"

    Increase the Bank Balance on the Balance sheet

    10
    Enter the date and select the bank account and fund that is too low. Enter the amount you need to Increase this by and select Debit. You can type a reference and description should you wish and a note to go against the transaction. Click "Store"
    11
    The element has been stored towards the bottom of the screen. To post the transaction we now need to enter the Credit side.
    12
    Click "Add new Element"
    13
    Select the account where the balancing entry should be posted from your Nominal Account Drop down bar. In this Example we have selected Z02 Gains and Losses code. Enter the amount you need to Increase this by and select Credit. You can type a reference and description should you wish and a note to go against the transaction. Click "Store"
    14
    Click "Post"
    15
    An audit number will be issues once the transaction has been posted