Adjusting the Financial Statements
Adjusted financial statements:
More accurately reflect the company's true financial position.
Adhere to industry standards and norms, to facilitate comparison with other businesses within the industry.
You adjust the financial statements using the worksheets in the Financial Statements \ Adjustments folder.
You review and print the adjustments using the worksheets in Financial Statements \ Adjusted folder.
Selecting the Number of Balance Sheets
You can adjust the balance sheet for each fiscal period, or you can adjust only the most recent one. The number of adjustment balance sheets is determined by the Adjusted Balance Sheets assumption on the Financial Statements Assumptions Sheet.
About the Adjustment Worksheets
For each fiscal period, there are two worksheets:
An adjustments sheet, where you enter the adjustments. These sheets are in the Financial Statements \ Adjustments folder.
A working trial balance sheet, where you can view and print the adjustments. These sheets are in the Financial Statements \ Adjusted \ Working Trial Balance folder. The trial balance worksheets display all of the adjustments and annotations.
The adjusted statements are summarized in two worksheets in the Financial Statements \ Adjusted folder: the Adjusted Balance Sheets and the Adjusted Income Statements.
Adjusting an Account
There are special features for adjusting the Income Taxes account.
