Prior year adjustments

Where a prior year adjustment needs to be reflected in the opening reserves figure, post a journal in the current year alongside the journal posted in the prior year.

This will be a normal adjusting journal type.

Example journal:

Debit/Credit                 Appropriate Balance sheet account

Debit/Credit                 Opening Reserves (Prior year adjustment) H03.49.00.50 OR PYA – change in accounting policy

To adjust the comparative figures, create another adjusting journal for the prior year.

1. Click on Adj. Entries.

2. Select New.

3. Change the date entered is the prior year end date to make this a prior year-adjusting entry.

Adjusting Comparatives

Where 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. Click on any row within the note/statement

2. Select the PY icon beneath the Table tab.

3. The prior year column will now display As restated.