Year-end > Adjustments > Entering common journal entries

Looking for something specific in the page and not quite sure where to find it? You can always press CTRL + F on your keyboard and type a keyword. Or you can do a search (in the top right corner).

« AgExpert Analyst Knowledge Base

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.



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 August 22, 2014 by FCC AgExpert