How to make a Adjustment Out Postings on sage line 50

When you use the Out option, Sage Line 50 automatically makes the following postings for each product. Recurring Entry Postings Every transaction creates one entry on the Audit Trail for the appropriate transaction type. All of the automatic double entries are made for you. Journal Entries must balance, i.e. credits must equal debits before you will be allowed to post the transactions. Contra Entry Postings On the Customer Account A contra sales receipt is posted with the system date, a reference of CONTRA and a details description of Contra Receipt. The contra sales receipt is allocated to the invoice(s) automatically, and in full. The account balance (the amount of money the customer owes you) is reduced accordingly. On the Supplier Account A contra purchase payment is posted with the system date, a reference of CONTRA and a details description of Contra Payment. The contra payment is allocated to the invoice(s) automatically, and in full. The account balance (the amount of money you owe the supplier) is reduced accordingly. In the Nominal Ledger The total amount owed to you by your customers, as shown in the debtors control account, is reduced by the contra sales receipt amount (a credit posting). The money in the default bank control account is increased by the contra receipt amount (a debit posting). The total amount you owe your suppliers, as shown in the creditors control account, is reduced by the contra purchase payment (a debit posting). The money in the default bank control account is reduced by the contra payment (a credit posting). The ‘In Stock’ quantity of the product is decreased by the quantity of the adjustment on a first-in-first-out basis. This is recorded as an AO (Adjustment Out). The Product Activity file is updated with details of the transaction. Month End Postings Prepayments When you post your prepayments during the month end routine, Sage Line 50 automatically makes the following postings: The first month: Debits the prepayments account with the total amount Credits the nominal expense account with the total amount Credits the prepayments account with the monthly amount Debits the nominal expense account with the monthly amount Each month thereafter: Credits the prepayments account with the monthly amount Debits the nominal expense account with the monthly amount Accruals When you post your accruals during the month end routine, Sage Line 50 automatically makes the following postings: Each month: Credits the accruals account with the monthly amount Debits the nominal expense account with the monthly amount The last month: Credits the accruals account with the monthly amount Debits the nominal expense account with the monthly account Debits the accruals account with the total amount Credits the nominal expense account with the total amount Depreciation When you post depreciation during the month end routine, Sage Line 50 automatically makes the following postings: Credits the balance sheet depreciation nominal account Debits the profit and loss depreciation nominal account Audit Trail Audit Trail is cleared of all paid and reconciled transactions. All unpaid and unreconciled transactions will be brought forward in full. Customer and Supplier Records The value in the M.T.D field (Month To Date turnover) on all customer and suppliers records is re-set to zero. Products (Financial Controller and Accountant Plus only) The product activity is cleared of all individual transactions on each product record., any adjustments in (AI) and movements in (MI) will be brought forward in full. Year End Postings To summarise, the following procedures are carried out by the Year End option: The balances for the year just ended on your Profit and Loss nominal accounts are transferred to the Retained Earnings nominal account. The balance in this account represents the net surplus (or deficit) for the year of Income over Expenditure. This leaves the Profit and Loss accounts ready to accept transactions for the new financial year. The Balance Sheet nominal account balances are carried forward into the new financial year. These balances are transferred to the brought forward field on the nominal account record and will be included in the Year To Date values in the Balance Sheet in the new financial year. Any future dated transactions are transferred to the relevant monthly field in each nominal account record. An updated Audit Trail report is produced detailing all the transactions made automatically to the Retained Earnings account by the Year End option. The Actual monthly balances are transferred to Prior Year for each nominal account record, this enables you to print comparison reports in the new financial year. The Actual monthly balances are transferred to Budget values for the new financial year for your Profit and Loss nominal account records and for your stock records, (with a percentage increase if required). This is an optional feature of year-end. The Audit Trail is cleared of all paid and reconciled transactions. You will be left with unpaid and unreconciled transactions. The Actual Sales and Quantity Sold values on each product record are transferred to Prior Year. Any future dated transactions are transferred to the relevant monthly field in each product record. The value in the YTD field (Year To Date turnover) on all Customer and Suppliers records is transferred to the Prior YTD field. The financial year start date is incremented.