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What is the best way to post YTD or JTD Journal with BS & IS Acs in one journal on Dec period?

in Financial Consolidation and Close 6 comments

What is the best way to post YTD or JTD adjustments in Dec when I don’t want the adjustment to carry forward into the next year?

Currently, the adjustment involves both P&L and Balance Sheet accounts. (Let's say PL Ac Dr to BS Ac)

Challenges:

  • If I use JTD for the journal, it reverses in the next period for BS Ac but impacts PL Ac in next period.
  • If I post using YTD, then I’ll need to also post another journal in the next period: Balance Sheet account Dr To Retained Earnings Prior on a periodic.

I’ve tested both approaches, but neither seems ideal. What is the best approach?

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