The chart of accounts window contains a history tab for each fiscal
year that contains activity summaries. The year tabs show the debits and
credits for each month, the difference between the two, and the year to
date balance. Beginning balances will be listed for all accounts but only
Balance Sheet accounts (Assets, Liabilities, and Capital) should have
a dollar value in them. Income Statement accounts (Revenue and Expense
accounts) should always have a zero beginning balance. Notice there is
a line for ending adjustments. This is because EBMS will allow 13 months
a year so that the last month can be closed and it is still possible to
post your ending adjustments to that year. You must use a Journal window
within the 13th month. Review the Creating
Journal Entries section for more details on creating journals.
To view the detailed transactions that add up to the monthly debit or credit totals take the following steps:
The ability to validate a total, or review the detailed transactions
associated with any summary field is a powerful feature used throughout
the system.
It is possible to verify a debit or credit total by right-clicking on
the total to display the context menu, and then selecting Verify
Total. It may take a few seconds to total each detail line and
match with the totals on the window. The detail values should always match
the totals unless the totals have been manipulated manually but this feature
can be a valuable utility to double-check the total. The following window
results: