Final period - Management / trial balance tutorial

Mr Kingly has asked if you could provide some further management accounting information at the year end. He will provide a trial balance for the period from 1 July 2007 to 31 December 2007 to facilitate this.

Select post file entry

Select the Posting | Post and then posting file entry for the period ending 31 December 2007.  Select Batch Control, select New.  When the Review Posting Batch screen appears tick the Management accounting field. Next click on the magnifying glass next to the management accounting field to select the period for which you wish to make postings. Select the second period from 1 July 2007 to 31 December 2007.

Reverse opening balances

When management accounts are prepared from a trial balance, reverse opening balances must be generated at the start of each new management period. The routine reverses the previous period’s closing balance sheet amounts and prevents last period’s closing balances being incorrectly included when financial statements are generated.

Start a batch of document type 1.

You are asked if you wish to "Generate reverse opening balances for period?", reply Yes.

The balances will be generated and can be seen on the screen.

Entering the trial balance

Once the balances have been generated start a batch of document type 11 JNL Journals and enter the following trial balance. Note that as this is the final period the closing stock figures should be included in the trial balance.

Once the trial balance has been entered you can run the required reports.