Income tax journal entries are entered on the standard Journal Entry form with the Income Tax Adjust option selected. Check the appropriate box or click on F11 to designate a tax journal entry.

Journal Entries

Both Adjusting Journal Entries and Tax Entries are entered on the Journal Entry Form. There is also an option to automatically reverse a Journal Entry. The reversal occurs during the year-end close procedure.

The Journal Entry Header 

The header portion of the Journal Entry form contains the JE Number, Reference, Description, Notes, Tax Entry flag and Reverse flag. 

Journal Entry Number

Journal Entry numbers are assigned by BalanceWare.

Reference

Any meaningful reference for the journal entry.

Date

Date of the journal entry.

Preparer Notes

Double-click on preparer notes for the Engagement Documentation dashboard.

Prior Year JE's

List prior year journal entries and copy to current year; with or without amounts and an option to reverse.

   

Use the Engagement Documentation dashboard to associate client documents and notes with objects in BalanceWare.

Notes and documents can be linked to the following items (on a per client basis):

• Any journal entry (no icon, double click on preparer notes instead)
• Any cash disbursement batch (no icon, double click on preparer notes instead)
• Any other document (using the Documents button from the Client tab)
• Any BalanceWare form (using the icon, below)

 Look for the Engagement Documentation icon on BalanceWare forms.

 

Clicking the icon will open the Engagement Documentation dashboard. In the case of journal entries and cash disbursement batches, double-clicking on the Preparer Notes field accomplishes the same. Once open, click on any attachment to open the document.

Engagement Documentation Dashboard (with callouts)

See the Review Notes button on the Client Tab for reviewing notes from all sources within BalanceWare. 

Note: to maintain link integrity, do not manage documents from Windows Explorer. Moving or deleting client documents may break links. Documents can be edited and documents can be added using Windows Explorer, but do not delete or move documents or folders. Broken links will be placed in a special folder in the Documents treeview called "Orphans" and can be relinked from this special folder.

Income Tax Adjustment Flag 

Income Tax Adjustments are so indicated by clicking on the Income Tax Adjust checkbox or pressing F11.

Reverse Next Year Flag 

Journal Entries flagged Reverse Next Year will be processed during the year-end closing procedure; F12.

Delete 

The Delete button in the header portion of the journal entry will delete the entire journal entry. A JE delete is also accomplished with the F9 key. 

Journal Entry Form

Copy Prior Year Journal Entries

If BalanceWare is able to locate your prior year client file, an option to copy a journal entry from the prior year is available by clicking on the "Prior Year JE's" label. A report listing all the journal entries from the prior year will be displayed. Click on any of the journal entries to copy them to the current year. Options to reverse or copy accounts only, but not amounts is also available when copying. 

Prior Year Journal Entries

Journal Entry Detail 

Account Number

When entering an account number you can search for an account number by entering a few characters from the account name followed by the enter key.

Debit (Credit)  

The journal entry detail amount field is repopulated with the amount required to balance the journal entry, with all characters selected; therefore any character will replace the pre-populated amount. Debits are added as positive numbers, credits are either pre pended or appended with a minus sign.

History 

Account history is available for the selected account via the F2 function-key. 

Delete CD Line 

Press F10 or the Del CD Line button to delete the current entry on the detail continuous form.