Add Adjustment

You can add adjustments to the bank balance to correct for minor discrepancies or you can add a deposit.

On the General tab, you add general information for the adjustment you are making to a bank account. If the adjustment type is GL, the system automatically creates an entry for the cash account on the Detail Tab. To complete the entry, you must select the Detail Tab and enter the offsetting expense account or income account and an amount. You can enter more than one offsetting entry, but the total of credits and debits must be equal before you can save the transactions.

Note

A red asterisk (*) indicates a required field or selection.

Date

The reconciliation date. This field is not editable.

Amount *

Enter the amount for the adjustment. Complete this amount when the adjustment type is Bank.

Adjustment Type *

Select a type from the drop-down list.

Bank — Select this type when you want to adjust account totals for minor discrepancies and complete this tab only. For example, you make a check out by hand for $70.00 and record $70.00 in the system. However, the bank cashes the check for $90.00 by mistake. You cannot collect the $20.00 difference; however, you must account for it. When you make a bank adjustment, you are correcting minor discrepancies on the bank statement. This type of adjustment simply adds or subtracts from the bank balance without posting to the general ledger. When you make this type of adjustment, the Detail Tab shows only the total of debits and credits.

GL — Select this type when you want to adjust accounts and complete the Detail Tab to add debits and credits. When you make a general ledger adjustment, for example, add a deposit, the entry is posted to your general ledger cash account and one or more offset accounts; therefore, you must complete the Detail tab.

Description *

Type a description of the adjustment. For example, enter Check cashed for wrong amount.

Cancel

Click to exit without saving changes.

Save

Click to save your changes.

Sequence Number Field

The first column, which is not labeled, is a display-only, system-generated sequential line number.

Bank Account

The display-only bank account identification.

EntityCompany ID

The display-only EntityCompany identification.

GL Account

Depending on the adjustment you are making, the credit can be associated with the EntityCompany or the EntityCompany cash account.

If the credit is a display-only general ledger account identification that is associated with the EntityCompany, use the Lookup button to select the offsetting account for the debit.
If the credit is a display-only general ledger account identification that is associated with the EntityCompany cash account, use the Lookup icon to displays the Select GL Account Tab and select the offsetting account for the debit.

Description

Type a description of the adjustment being made. The description defaults from the General Tab.

Amount

Type the amount of the adjustment being made. For the first line, the amount defaults from the General Tab.

Delete Button

Click the Delete icon to delete an adjustment entry. Note that you are deleting one line item detail for this adjustment transaction but not the entire transaction.

Debit Total

The system-generated debit total for the adjustment being made. To save entries, the debit and credit totals must match.

Credit Total

The system-generated credit total for the adjustment being made. To save entries, the debit and credit totals must match.

Cancel

Click to exit without saving changes.

Save

Click to save your changes.

From the Bank Reconciliation Details tab, click Add Adjustment.
On the General tab, type the adjustment date (mm/dd/yyyy) or use the Calendar button to select a date, if desired.
Type the Amount for the adjustment.
From the drop-down list, select the Adjustment Type.
Type a Description for the payment.
If the adjustment type is Bank, click Save to complete the adjustment.

Or, if the adjustment type is GL, select the Detail Tab and enter the offsetting account and an amount. You can enter more than one offsetting entry, but the total of credits and debits must be equal before you can save the transactions. Click Save to complete the adjustment.

Adding Adjustments