First management period - Management / trial balance tutorial

Half way through the next financial year Mr Kingly asks you to prepare some biannual management accounts. He will provide you with a trial balance for the period to 30 June 2007 from which you can prepare the required information.

First you need to specify the basis (the number of periods).

Select Edit | Management accounting basis.

A panel allows you to choose the basis. For this client you need to select half yearly. Once this is selected click Select.

Starting the post file entry

Now go back to Posting | New. Start a new posting file entry for the year end 31 December 2007. When the Specify Posting Batch screen appears make the following changes:

Change the Document Type to be 11 JNL Journals.

Tick the Management accounting field.

When you select OK a panel asks you to specify the period end into which you are going to post. Highlight the first period to 30/6/07. This will change the date on the specify posting batch screen, press Select.

Entering the trial balance

Enter the following trial balance. Note that the closing stock balances are NOT posted at this point.

Management accounting adjustments

Once the main part of the trial balance has been posted you need to enter the postings for closing stock.

Select Management and then select the first period to 30/06/07.

Next you are asked to specify the entry parameters. No document type or double entry account are required, so select OK.

Make the following postings:

You have now completed the postings required for the first management period and can generate the required reports.