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Prepare to Close the Year

Enter Journal Entries and Depreciations

In an open period, you can create as many journal entries as needed. Once you close a period, you can't modify any transactions, so it's important to change or adjust journal entries before closing.

There are a few things you need to do to enter journal entries and depreciation.

Back up your data

  1. On the File menu in your PDS program, click Backup / Restore / Archive > Backup Data.
  2. Enter a reason for the backup, such as "Backup before entering journal entries".
  3. Select a backup method, and enter or select any relevant information.
  4. Click Start Backup.
  5. After your data is backed up, you can print the backup information for your reference.

Enter recurring journal entries

A recurring journal entry is made regularly to the same accounts using the same amounts/percentages. After you set it up, the entry is automatically created every time it occurs.

Enter recurring journal entries before closing the period.

  1. On the Transactions tab, click Journal Entries > Recurring Journal Entries > Enter Recurring J.E..
  2. Select the recurring entries you want to enter. If you selected Ask for amount each time when setting up the recurring journal entry, you're prompted to enter the amount.
  3. Enter or select the Journal Entry Date. The current month shows by default, but you can change it to any open month.
  4. Click Process. All entries are entered for the proper accounts.
  5. If you want a report of what you entered, click Print.

example of entering recurring journal entries

Set up fixed assets and depreciation accounts

Fixed assets are long-term items of high value that depreciate over time, such as cars, buildings, trademarks, land, and machines.

  1. On the Other Information tab, click Fixed Assets.
  2. At the top, click Add Asset.
  3. Enter any information you know about the asset.
  4. Select a depreciation method, and verify the amounts.
  5. Click Save.
  6. On the Other Information tab, click Fixed Assets > Depreciation Accounts.
  7. Select the asset account to use for tracking the original purchase price for the fixed asset.
  8. Select the asset account to use for recording the accumulated depreciation for the fixed asset.
  9. In the grid, enter the expense accounts and percentages to use when you enter depreciation.
  10. Click Save.

example of a fixed asset with depreciation

Enter depreciation journal entries

Depreciation is usually entered once a year, but you can enter it at any time during the open period. You must enter depreciation JEs before closing the period.

  1. On the Transactions tab, click Journal Entries > Depreciations > Enter Depreciation.
  2. Select the items you want to enter depreciation journal entries for.
    Tip: If you need to edit the amount, go to the Fixed Assets General Information window.
  3. Enter or select the Journal Entry Date at the top. The current month displays, but you can change it to any open month.
  4. Click Process.
    The depreciation journal entries are created.
  5. If you want a report of what you entered, click Print.

example of entering depreciation journal entries

Add any other adjusting journal entries

Create these to adjust accounts or correct mistakes. For example, if a transaction has the wrong distribution, create an adjusting journal entry to redistribute the amounts correctly.

  1. On the Transactions tab, click Journal Entries > Adjusting Journal Entries.
  2. At the top, click Add JE.
    The reference number automatically displays the next available batch number.
  3. Enter or select the Date. The current fiscal month displays, but you can change it to any open month.
  4. Enter additional information in the Memo field, if necessary.
  5. In the Distribution grid, enter how to distribute the adjusting journal entry.
    • You must use Detail accounts.
    • Enter at least one debit and one credit amount in the grid.
    • The total amount of debits must equal the total amount of credits.
  6. Click Save.

The accounts are debited or credited.

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Last updated: November 4, 2024