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Year-End adjustments


Hi Guys,

I’m attempting to make the necessary adjustments to close off our accounting year to 31 December 2018. A bit of help needed: during the latter months of 2018 we received 24 separate payments as advance subscriptions for 2019 towards our annual “100 Club” Fundraiser. These 24 items total £962.00. All were recorded against sales invoices and tagged as paid at the date (Sept-Dec 2018) they were received and paid in to our current account as we went along (deposits mixed in with other items).

How could I now best make an adjustment so that the £962.00 is reflected in the accounts as a receipt for 2019 calendar year rather than 2018? It doesn’t feel right to go through the sales individually and alter the dates to, say 01/01/19. I’m sure there must be an elegant and straightforward accounting solution?

Many thanks for any help.



Journal the total across to a suitable balance sheet code (such as prepayments) on the last day of the 2018 accounting year, and set it to auto reverse on the first day of the 2019 year.


Okay, thanks for that, Ian - as a non-accountant, I am only just coming to grips with journaling… used it to enter End of Year stock valuation, for example.