Beginning Equity Adjusting Journal Entry

This program was created to assist tax staff by expediting the preparation of business tax returns.

Tax season at an accounting firm can be extremely stressful.  Every minute counts.   No one wants to be in the office until midnight on the day of a tax deadline.   One time consuming activity is making the Beginning Equity Adjusting Journal Entry.  This project automates the production of the Beginning Equity Adjusting Journal Entry.

Each tax client has a varying number of accounts in each report.  Some simpler clients may not have a large chart of accounts.  However, the more complex clients can have a drastically longer chart of accounts. For this project I have included two additional files needed for the program—a QuickBooks report Excel file and last year’s Tax Report Excel file for a client.  These test files are an example of a simpler client as the number of accounts is not too large. 

This program has the potential to save vast amounts of the tax staff’s time.  No longer will the QuickBooks report and the prior year’s Tax Report need to be manually compared and processed.  This will increase the throughput of the firm during tax season.

Files:

• http://files.gove.net/shares/files/15f/beveritt/Write-Up.pdf
• http://files.gove.net/shares/files/15f/beveritt/Beginning_Equity_Adjustment_Journal_Entry_Workbook.xlsm
• http://files.gove.net/shares/files/15f/beveritt/QB_Report.xlsx
• http://files.gove.net/shares/files/15f/beveritt/Tax_Report.xlsx

***Note: The sample files have been anonymized to protect client information.