Accounts

Add a prior period adjustment or restatement journal to Accounts Production Advanced

There are two ways to add a prior year adjustment in a UK FRS 102 limited company:
  • Option 1: when you want to show comparative prior period data as restated.
  • Option 2: when you don't want to show comparative prior period data as restated.

Option 1: Comparative periods marked as restated

This option will show
As Restated
 on column headings of prior year data that you've changed.
  1. Open the client and make sure that you've selected the current Financial Period.
  2. Select the
    Journals
     tab.
  3. Select the tab for the prior period that needs the adjustment. Accounts Production Advanced with a client open and the Journals tab active. The Journals tab has sub-tabs, which include Summary, Current Period, and prior periods. The first prior period, 2020 in this example, is highlighted. The Start and End Dates and the Rounding Account for this prior period are shown and list of Journals has been filtered to show only entries for this prior period.
  4. Select
    New
     to create a new journal.
  5. Select
    Prior Period Adjustment (Restatement)
     from the
    Classification
     dropdown list.
  6. Check and fix any other journal details if needed.
  7. Post the transactions, then select
    OK
     to save your changes.
  8. Select the
    Current Period
     tab.
  9. Select
    New
     to create a new journal.
  10. Enter the adjustments for the opening balances. Where the profit and loss reserve has changed, enter code
    981.00
     for the adjustment.
  11. Select
    OK.
  12. Select the
    Reports
     tab.
  13. Run the report.

Option 2: Comparative periods not marked as restated

Use this option if you don't want changes to the prior period data shown as restated.
  1. Open the client and make sure that you've selected the current Financial Period.
  2. Select the
    Journals
     tab.
  3. Select the tab for the prior period that needs the adjustment.
  4. Select
    New
     to create a new journal.
  5. Select
    Original Trial Balance
     from the
    Classification
     dropdown list.
  6. Check and fix any other journal details if needed.
  7. Enter the transactions, then select
    OK
     to save your changes.
  8. Select the
    Current Period
     tab.
  9. Select
    New
     to create a new journal.
  10. Enter the adjustments for the opening balances. Where the profit and loss reserve has changed, post the adjustment to code
    981.00
    .
  11. Select
    OK
     to save your changes.
  12. Select the
    Reports
     tab.
  13. Run the report.
  14. In the report, go to the
    Statement of Changes in Equity
     table for the prior period.
  15. Right-click the table and select
    Highlight in report structure
     from the context menu.
  16. In the Report Structure, right-click the highlighted
    Statement of Changes in Equity
     template and select
    Display
    , then
    Never
     from the context menu.
  17. Select the
    Statement of changes in equity (prior period adj)
     template.
  18. Right-click this template and select
    Display
    , then
    Always
     from the context menu.

This article applies to:

  • Product: Digita Accounts Production Advanced
  • Subject: Documents, Journal entries