Corrections in a correction period

You can make entries for all the corrections in accounting in a separate correction period so that you retain a distinction between normal entries and correction entries. You can post a mix of the various types of entries.

Example:

At the end of the financial year, you discover that you have incorrectly entered € 150.00 (debit) in the Kantinekosten account instead of the Computerkosten account. You correct this using a correction entry in the Memoriaal journal.

If you enter this correction in a general journal, the following journal entry is created:

Note:

Before entering the corrections in a separate correction period, you first have to add the correction period to the period table. Before that, you can use the journal properties to specify whether entering in a correction period is allowed.

To enter corrections in a correction period:

1. Go to: Financial / Enter / Correction period.
2. Check Financial year and Period. By default the correction period for a monthly table is period 13, for a quarterly table it is period 5, etc.
3. Select the journal.
4. Click on: Finish.
5. Enter the entry date for the correction entry. If you enter an invoice for a debtor or creditor, you enter the invoice date in this field.
6. In the Account field, select the ledger account, debtor or creditor, depending on the type of entry you are posting.
7. Enter the voucher number.

   For a purchase invoice, you enter the original invoice number from the supplier in Voucher number. For a sales invoice, input is not mandatory.

8. Enter the invoice number if you have selected a debtor or creditor in the Account field. In that case, you enter the internal invoice number in this field.
9. Enter a description in Description entry. Profit can, for example, display this description on the ledger card for the entry.
10. Enter the amount in Amount debit for a positive balance for the ledger account. When entering a sales invoice or purchase credit invoice, enter the invoice amount in this column.
11. Enter the amount in Amount credit for a negative balance for the ledger account. When entering a purchase invoice or sales credit invoice, enter the amount in this column.
12. Profit completes the second line, as far as possible. In VAT code, Profit suggests the VAT code that has been set up in the properties of the ledger account. If no preference has been specified, the VAT code can be entered manually. If necessary the suggested code can be changed to another code. If you cannot enter VAT, the Allow VAT check box is not selected in the ledger account properties.
13. After you have entered the cost or revenue line while entering an invoice, Profit adds an additional entry line for the VAT amount of the contra account.
14. Click on: Finish.