Entering common journal entries

Inventory Adjustments

Inventory Adjustments need to have quantities associated with them. When inventory is debited, it's a positive quantity. When inventory is credited, it's a negative quantity.

Amortization

Allocate the credits to the Accumulated Amortization account, not the regular capital asset account. Offset is always to depreciation expense.

Transfer assets from one class to another

Create the general journal entry. In the new year data file, go to Setup – Capital Assets, delete the old asset and set up the correct asset.

Last updated on February 6, 2013 by FCC Management Software