Management - Working Papers tutorial

Introduction

This topic explains the process to follow when posting management accounts from working papers.

Period 1

Select Edit | Management Accounting Basis and select the basis you require for this client.
Start a new posting file entry specifying that you want to use Management Accounting.
Select the first period end date and start a batch of document type 1 OBL Opening Balances. Run opening balances from the previous year’s posting entry.
Post the control accounts using the applicable document types.
Make journal postings for depreciation and so on.
Select Management and make postings re prepayments, accruals and closing stock.

For closing stock use 'batch with no given type' if the standard stock accounts are to be used. This includes accounts 73 - 82 and 568 - 590 when using the Enhanced charts or accounts 126 - 135 and 600 - 609 when using the Standard chart.

If codes other than these are to be used, click here for information.

Generate reports.

Period 2 to penultimate period

Select the posting file entry specifying that you want to use Management Accounting.
Select the appropriate period end. Do NOT run opening balances.
Post the control accounts using the applicable document types.
Make journal postings for depreciation and so on.
Select Management and make postings re prepayments, accruals and closing stock.

If codes other than these are to be used, click here for information.

Generate reports.

Final period

Select the posting file entry specifying that you want to use Management Accounting.
Select the final period end. Do NOT run opening balances.
Post the control accounts using the applicable document types.
Make journal postings for depreciation and so on.
Make postings re prepayments, accruals and closing stock in the same place as the working paper postings. Do NOT select Management.
Generate reports.

Closing Stock

If codes other than these are to be used, click here for information.