This is the next step in the posting journal. After you open the control account balance, the next step is posting the journal cutoff balances for AR, AP, and stock in the Localizebooks system.
- Offset A/R Balance by Journal Entry
- Offset A/P Balance by Journal Entry
- Offset Stock Balance by Journal Entry
How do I go to Journal Entry in Localizebook?
Before going to make the offset balance, we would like to show you how to use the Journal Entry function in Localizebook first.
Click on the function below for a link to view how to Journal Entry detail:
- Journal Entry
Offset A/R Balance by Journal Entry
After opening A/R Balance. The total outstanding A/R balance is doubled because of the amount in the old A/R (11000) plus the amount in the new A/R (12000), so we have to make a journal entry to offset the old A/R (11000) account as below.
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Offset A/P Balance by Journal Entry
After opening the A/P balance, The total outstanding A/P balance is double because of the amount in the old A/P (20000) plus the amount in the new A/P (21000), so we have to make a journal entry to offset the old A/P (20000) account as below.
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Offset Stock Balance by Journal Entry
After opening Stock Balance, The total stock on hand value is doubled because of the amount in the old inventory account (12100) plus the amount in the new inventory account (13000), so we have to make a journal entry to offset the old stock (12100) account as below.
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