Final Trial Balance

[Vicky_A]

Good day all

I have received the final trial balance from our Accountants. What I would like to confirm (while I figure how what to do with the final TB) is that I can roll forward into the new year and enter these journal entries as "last year" entries in the new year? (Also then entering them in last year as at the 28 Feb?)

If anyone knows how those journals need to be done it would be a great help too.

Thank you.

Vix

[Simbonile]

Hi Vicky

You have lost me a little bit. The accountant has given you a final Trial Balance?
My understanding is that, "final" trial balance means no other adjustments are to be passed i.e. one can compile Financial Statements at this stage.
When you roll forward, the final balances for the previous year (per the Statement of Financial Position) will reflect as opening balances in the current year but transactions (per the statement of profit and loss) will show as nil.
The journals that you would normally pass will be the reversal of accruals.

I hope this addresses your concern