Correct month end postings if you miss a month

Correct fixed asset depreciation

To correct fixed asset depreciation, you must reverse all depreciation postings for each affected asset. Then delete the asset record, recreate it and post the depreciation postings again.

 

To reverse the depreciation journals posted for an asset

1. Click Fixed Assets then double-click the asset.
2. Click the Posting tab and note the nominal codes in Balance Sheet Depreciation N/C and P&L Depreciation N/C, click Save then Close.
3. Click Nominal codes and select the two nominal codes you noted in step 2.
4. Click Reports then Nominal activity.
5. Select the Nominal Activity report then click Print then OK.
6. Click OK on Criteria Values, check your printer settings then click OK.
7. From the report, identify the transaction numbers of the journals you need to reverse.
   
   

   TIP: The Details column on the report shows the description of the fixed asset.

8. Back up your data.
9. Click Nominal codes then Journal reversal and click OK.
10. Enter the date for the first depreciation journals you want to reverse then in the Reference field enter DEPREC, then click OK.
11. Select the journals you want to reverse then click Reverse then Save.
12. Repeat steps 6 and 7 for each monthly depreciation journal you want to reverse.

If you have more than one asset, you should repeat the above steps for each affected asset.

 

To delete and recreate the asset

TIP: You can use the Duplicate option to generate a new record before deleting the original. However you must enter a new record reference, the cost price and book value.

1. Click Fixed assets and select the relevant asset record then click Edit.
2. Note the information in the Details and Posting tabs then click Close.
3. Select the record then click Delete then Yes.
4. Select New then enter the asset details you noted, ensuring that you enter the correct original cost price for the book value.
5. Click Save then Close.

 

To post the correct depreciation

1. Back up your data.
2. Click Tools then Period End then Month End.
3. Set the Month End date by choosing the last day of the month option > enter the first month you require depreciation postings for.
   
   

   EXAMPLE: If the journals you reversed started in January 2023, enter 31/01/23.
   
   

4. Select the Include depreciation of fixed assets check box then click Run Month End then Yes then OK.
   
   

   TIP: Depreciation is posted only for those fixed asset records not already depreciated on or after the specified month.

5. Repeat steps 2 to 4 for each month up to your latest month end.

 

Correct prepayments

If you miss a month for an automatic prepayment, you can't correct this and continue with the automatic postings. Instead you must delete the automatic prepayment, post manual journals for the missing month, then continue to make manual postings for the remaining period of the prepayment.

To delete an automatic prepayment

1. Back up your data
2. Click Nominal codes then Prepayments.
3. Note the details of the entry you want to delete and select the entry.
4. Press F8 then click Save then OK.

 

To manually post the prepayment journals

You must post manual journals for the missing month, and then each further month until the prepayment ends. For example, if the prepayment was for 10 months with 4 months already posted, there are 6 postings left including the missing month. This means you should post the missing month, plus 5 further monthly postings.

1. Click Nominal codes then Journal entry.
2. In the Reference field, enter PREPAY.
3. In the Posting Date field, enter the last day of the missing month.
4. Complete the Journal Entry window as follows, using the information you noted in the previous section:
   

   N/C	Details	T/C	Debit	Credit
   Prepayments nominal code, 1103 by default.	The information noted from the Details column.	T9		The amount noted from the Monthly Amount column.
   The nominal code noted from the N/C column.	The information noted from the Details column.	T9	The amount noted from the Monthly Amount column.

5. Click Save then Close.
   

   TIP: You can post the remaining months now, or each month as part of your month end routine.

6. To post the remaining prepayment journals, for each required month, repeat steps 1 to 4 using the last day of the month as the posting date.

 

Correct accruals

If you miss a month for an automatic accrual, you can't correct this and continue with the automatic postings. Instead you must delete the automatic accrual, post manual journals for the missing month, then continue to make manual postings for the remaining period of the accrual.

 

To delete an automatic accrual

1. Back up your data
2. Click Nominal codes then click Accruals.
3. Note the details of the entry you want to delete and select the entry.
4. Press F8 then click Save then OK.

 

To manually post the accrual journals

You must post manual journals for the missing month, and then for each further month until the accrual ends. In the final month you must also post an extra journal to reverse the accrual. For example, if the accrual was for 10 months with 4 months already posted, there are 6 postings left including the missing month. This means you should post the missing month, plus 5 further monthly postings, then the reversal.

1. Click Nominal codes then Journal entry.
2. In the Reference field enter ACCRUE.
3. In Posting Date enter the last day of the missing month.
4. Complete the Journal Entry window as follows, using the information you noted in the section To delete an automatic prepayment or accrual:
   

   N/C	Details	T/C	Debit	Credit
   Accruals nominal code, 2109 by default.	The information noted from the Details column.	T9		The amount noted from the Monthly Amount column.
   The nominal code noted from the N/C column.	The information noted from the Details column.	T9	The amount noted from the Monthly Amount column.

5. Click Save then Close.
   
   

   TIP: You can post the remaining months now, or each month as part of your month end routine.

6. To post the remaining prepayment journals, repeat steps 1 to 3 for each required month.
7. In the final month of the accrual period, to post the accrual reversal,click Nominal codes then Journal entry.
8. In the Reference field enter REVERSE .
9. In Posting Date  enter the last day of the month.
10. Complete the Journal Entry window as follows, using the information you noted in step 2 of the section To delete an automatic prepayment or accrual:
    

    N/C	Details	T/C	Debit	Credit
    Accruals nominal code, 2109 by default.	Accrual Reversal	T9	The amount noted from the Value column.
    The nominal code noted from the N/C column.	Accrual Reversal	T9		The amount noted from the Value column.

11. Click Save then Close.