Hi LaChapa

For Link accounts, it has to do with Sub ledger and General ledger, Where Sub ledger is the invoice or payroll records, and General ledger is chart of account value.

So for example, the amount of outstanding Sales invoice need equals to Account Receivables's chart of account value, otherwise, we have data inconsistency in Maintenance on Integrity Summary Window or between reports.

For Accounts that you do not see in Chart of Account list, they do not exist in the program; so you have to either create a brand new one or use alternative substitute accounts

For the Vacation payable account, it is most likely link in Setup, Settings, Company, Payroll, Link account; if not you can find it follow Knowledge Base Article 10339

Hope this helps

I got an answer from my accountant...:

"This entry was primarily for classification purposes for the financial statements, since we have to classify all principal repayments in the next 12 months as a current portion of long-term debt. It’s not totally required from a bookkeeping standpoint, so you can skip entering it if you like, but if you want to enter it you’ll need to create these new accounts."

Y/E 5

2634 CREDIT (RBC Lease 2639 -current) $2151.97

2637 DEBIT (K Prime lease - contra) $14461.20 - I have to create this account

2638 DEBIT (RBC Lease - contra) $2151.97 - I have to create this account

2639 CREDIT (K Prime Lease - current) $14461.20 - I have to create this account.

 

What I dont understand is this, if I create those accounts, I will endup transfering from the new account (2637) to the other new account (2639)... where will the money come from?  It doesnt make sence.. can any one explain?

Unless I skip it like he sais but then, his stuff wont match next year.

Help Please anyone

 

I got an answer from my accountant...:

"This entry was primarily for classification purposes for the financial statements, since we have to classify all principal repayments in the next 12 months as a current portion of long-term debt. It’s not totally required from a bookkeeping standpoint, so you can skip entering it if you like, but if you want to enter it you’ll need to create these new accounts."

Y/E 5

2634 CREDIT (RBC Lease 2639 -current) $2151.97

2637 DEBIT (K Prime lease - contra) $14461.20 - I have to create this account

2638 DEBIT (RBC Lease - contra) $2151.97 - I have to create this account

2639 CREDIT (K Prime Lease - current) $14461.20 - I have to create this account.

 

What I dont understand is this, if I create those accounts, I will endup transfering from the new account (2637) to the other new account (2639)... where will the money come from?  It doesnt make sence.. can any one explain?

Unless I skip it like he sais but then, his stuff wont match next year.

Help Please anyone

 

Hi

Two thousand range accounts are credit accounts that have credit values.   

For 2637 and 2639, you would have credit value in 2639 (positive value) and debit value in 2637 (negative value) 

I am not sure of the reason why you need enter them; your accountant is actually the best person to ask why you would need to enter it.

2637 DEBIT (K Prime lease - contra) $14461.20 - I have to create this account

2639 CREDIT (K Prime Lease - current) $14461.20 - I have to create this account.

I understand that, my question is if I create those 2 NEW accounts from scratch and put those numbers in, where do I take those numbers from? They just appear from no where? Don't I have to take those numbers from another account? Wouldn't it be a double entry unless I transfer from an EXISTING account to those new ones? I don't see the logic behind what he wants me to do. Sorry I feel stupid when it comes to stuff like this.

LaChapa

It doesn't necessarily have to make sense. Remember, the accountant is structuring his entries towards the government standards. The government requirements for reporting don't always make sense but they have to be followed.

I am assuming your concern is the dollars not the account numbers, but if you look at the entry, you are debiting one account and crediting the other. The difference is zero. I have a client with two liability accounts on the books and the entries were posted back around 2004-2005 sometime. Same idea. One is positive for $20000 and the other account is negative for the same amount, but the accountants have never cleaned it up and removed them. I never talk with the accountants and therefore, no one has asked why.

If you are running payroll through Sage 50, then the vacation payable should be recorded on an employee-by-employee basis so you know when you pay vacation pay, how much you owe each employee. So entry #8 should be done for each employee and the total adjustments should add up to the full entry.

For entry #13, if the company is changing the structure of it's shares, you need to change the chart of accounts to reflect reality as far as I know.

thank you so much for this help I got to do it all except the vacation one as my boss has to come up with the numbers ror each employees in order for me to do it. I have a question, I read an article that said you have to either adjust the last paycheque or do these changes on the next one but these are Year End adjustments so it doesn't make sence, I have to do those adjustments as of March 31, 2015... any suggestions?