Prior year adjustments on Reserves
If you have a prior year adjustment that needs to be reflected in the opening reserves figures, you have the option to post a journal in the current year alongside the journal posted in the prior year.
Normal Adjusting Journal
The journal type needed to do this in CaseWare is a Normal adjusting journal, for example:
Debit/Credit - Appropriate Balance Sheet account
Debit/Credit - Opening Reserves (Prior year adjustment) H03.49.00.50 or PYA change in accounting policy H03.49.00.51
1. Click the Adj. Entries button in the CaseWare Working Papers toolbar.
2. Select New and use the dropdown to select Normal adjusting
3. Enter the relevant nominal account codes mapped to the above example mapping numbers, as well as the balances.
To adjust the comparative figures, a new adjusting journal can be created for the prior year. This is done in the same manner as above, with the prior year date selected from the dropdown shown below.
Restated Figures
Where prior year comparatives have been adjusted this will need to be reflected in the Accounts by adding as restated to the prior year column headers of the financial statements and relevant notes.
1. To do this, click on a row within the note/statement and select the PY icon beneath the Table tab.
2. The prior year column will now display As restated
- Related template: AccountsAdv IFRS, Charity/Academy, Group consolidation, FRS101/102/105 LLP
- Software platform: Working Papers 2018, Working Papers 2019, Working Papers 2020, Working Papers 2021