General Tab Adjustment

Use this tab to add or edit general information for an adjustment you are making to a bank account. You can adjust the bank balance to correct for minor discrepancies or you can add a deposit.

When you complete this tab, you may or may not need to complete the Detail Tab. For an adjustment type of Bank, the Detail Tab shows only the total of debits and credits. For an adjustment type of 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; however, the total of credits and debits must be equal before you can save the transactions.

Fields

Note

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

Date *

The date of the adjustment. Accept the default of the current system date, or enter the date for the adjustment using the format mm/dd/yyyy. Or use the Calendar Button to select a date.

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—the General tab. 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 *

Enter 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.