GJ Entries

[norlan]

I have to change GL accounts from one to another. Example:
I entered a $50.00 invoice to pay to Staples for office supplies, the gl# for office supplies is 66500 and it accidently got put in telephone expenses, GL# 66600. This was back in April of 2004. I know I can't go to the transaction and change this, as I already printed reports.
I made a GJ entry and decreased #66600 telephone expenses for $50.00 and increased #66500 for $50.00. Is this correct?
If it is correct, how come it did not change my totals on my income statement. It shows the change in the GL reports for each account.
I see that it says you can't send me an email. How can I change that?

Thank You

[dringstrom]

You made the correct entry. You're going to see the amounts in the Month column of your income statement, but the YTD column will show the correctly adjusted balances.

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[Jim Dale]

Originally posted by norlan
I have to change GL accounts from one to another. Example:
I entered a $50.00 invoice to pay to Staples for office supplies, the gl# for office supplies is 66500 and it accidently got put in telephone expenses, GL# 66600. This was back in April of 2004. I know I can't go to the transaction and change this, as I already printed reports.
I made a GJ entry and decreased #66600 telephone expenses for $50.00 and increased #66500 for $50.00. Is this correct?
If it is correct, how come it did not change my totals on my income statement. It shows the change in the GL reports for each account.
I see that it says you can't send me an email. How can I change that?

Thank You

Are you saying that the standard income statement did not change but the ledger did? Or do you have a customized income statement? Check the standard if so, and see if it reflects the change. I hope you don't mean the total net income/loss because that would not change.

[norlan]

No, I am not referring to net loss/income.
I show a negative now on my standard income statement.
This does not seem correct.
There is also the same negative amount in the GL.
Could you tell me what Current Period Change means. It is on my GL after each month? That is where my negative amount is listed as the balance.

[Jim Dale]

Is the YTD correct? Is this something you changed in the same period? It sounds like it is a different period because you have the negative expense. But this is correct if the YTD is correct.

[norlan]

I can only assume the YTD is correct. I would not know for sure unless I went back through the invoices. The period I changed is from April. I made that change in October.
Could you tell me what Current Period Change means. It is on my GL after each month? That is where my negative amount is listed as the balance (for the month, I am assuming). There is a YTD balance as well.

[norlan]

I printed my income statement then deleted the GL entry and printed the income statement again. I was gettting confused. It put things back into perspective for me.
Now, my question is, Is the negative balance going to be ok. Apparently it is just a negative for this month. Not the first 10 months.

[Jim Dale]

Since you changed the expenses amount in oct for expenses that were posted in april, the current charge (oct) would be negative because that how it was entered in the general journal.

How did you know to make that journal entry? Do you understand how posting to debits and credits work?

The negative charge will be applied against other expenses that get posted to that same account number. Print out the GL for that account number going back to april thru oct and you should see the expense posted in april and the credit posted in october.

[norlan]

Yes, I understand posting. That is how I knew to make the GJ entry. Sometimes its confusing and when you get working on it too long, it makes no sense anymore. Another problem I was having, I had a print out of the income statement for month ending 9/30/04. I also had one for 10/30/04, (actually the 26th)and I was trying to figure it out that way. Sometimes you just have to stop working on it until another day.
Could you help me with another question? Can you tell me what Current Period Change means. It is on my GL after each month?

[Jim Dale]

If you add up all the debits and/or credits in a given period the net amount is the current period change (in Peachtree terminology). Hope you didn't mind the questions. I was trying to understand your background/training

[Lisa_p]

You have a negative expense because you reduced it.