How to Make an Adjusting Journal Entry for Accounts Payable in a Closed Accounting Period
25 steps
2 minutes
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the interface.
Create the Adjusting Journal Entry
3
Click the "Quick Actions" menu.
4
Click the "Journal Entry" option.
5
Use the small calendar icon to adjust the date. The date will be in the current Accounting Period.
6
Use the Journal Number to reference the A/P adjustment.
7
Using the dropdown menu, select the Accounts Payable account associated with the Bill.
8
Type the Amount of the Bill on the Debit column.
9
On the "Name" column, select the Vendor Profile of the Agent.
10
Select the Class associated with the Agent.
11
Using the dropdown menu, select the Expense General Ledger account (or Liability Account) associated with the Invoice.
12
Enter the Amount of the Bill on the Credit column.
13
Select the Class associated with the Agent.
14
Click "Save"
Link the Journal Entry to the Bill
15
Click the "Expenses" tab.
16
Click the "Vendors" option.
17
Click the "Search Vendor" field and type the name of the Agent.
18
Click on the Name.
19
Click the "Transactions" tab.
20
Locate the Bill to adjust.
21
Click the "+" button.
22
The Credit created by the Journal Entry will be available to be applied. Select the checkbox for the Journal Entry.
23
Click "Save"
24
Click "OK"
25
The Bill Payment will be listed as "$0.00" and the A/P Balance for the Agent has been reduced.
How to Make an Adjusting Journal Entry for Accounts Payable in a Closed Accounting Period
25 steps
2 minutes
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the interface.
Create the Adjusting Journal Entry
3
Click the "Quick Actions" menu.
4
Click the "Journal Entry" option.
5
Use the small calendar icon to adjust the date. The date will be in the current Accounting Period.
6
Use the Journal Number to reference the A/P adjustment.
7
Using the dropdown menu, select the Accounts Payable account associated with the Bill.
8
Type the Amount of the Bill on the Debit column.
9
On the "Name" column, select the Vendor Profile of the Agent.
10
Select the Class associated with the Agent.
11
Using the dropdown menu, select the Expense General Ledger account (or Liability Account) associated with the Invoice.
12
Enter the Amount of the Bill on the Credit column.
13
Select the Class associated with the Agent.
14
Click "Save"
Link the Journal Entry to the Bill
15
Click the "Expenses" tab.
16
Click the "Vendors" option.
17
Click the "Search Vendor" field and type the name of the Agent.
18
Click on the Name.
19
Click the "Transactions" tab.
20
Locate the Bill to adjust.
21
Click the "+" button.
22
The Credit created by the Journal Entry will be available to be applied. Select the checkbox for the Journal Entry.
23
Click "Save"
24
Click "OK"
25
The Bill Payment will be listed as "$0.00" and the A/P Balance for the Agent has been reduced.
