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Journal entry subtypes

  • Regular
  • Adjusting:
     To post entries to unadjusted balances so that they become part of the adjusted trial balance, to correct an error in recorded sales, or to set up prepaid expenses.
  • Tax Adjustment:
     To change the presentation of account balances to comply with taxing authority regulations. (For a 1120, 1120S, or 1065 client, you can create tax adjusting entries directly to a tax code from the Enter Tax Code Adjustments screen.
  • Reclassifying:
     For financial statement purposes only. Many firms use reclassifying journal entries to move amounts from 1 GL account to another. However, in Accounting CS, you can use it for any purpose. By default, reclassifying journal entries affect only the Report, Tax, and Other balance. But you can change this in the Balance Definitions window.
  • Other:
     For preparing financial statements on another comprehensive basis of accounting to combine with the adjusting trial balance to create the other basis trial balance.
  • Potential:
     To record journal entries that may be needed at a later date. Potential journal entries can easily be converted to any other journal entry type. 

This article applies to:

  • Product: Accounting CS
  • Subject: Journal entries

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