Trial Balance Reclass Entries
If a chartered accountant firm has returned the year end trial balance & it shows entries in the Reclass column, what does this mean?
Since the bookkeeper would have to post these entries out of the original accounts to the reclassed accounts, why does the accountant not just use adjusting journal entries for such transfers of amounts?
Hmmm, from what you say, it sounds like the accountant shared his/her working trial balance with you. A glance at it lets you very quickly see what accounts were adjusted which is useful information.
It also sounds like you didn't receive the actual adjusting entries. As it would be much easier to just book the adjusting entries, I'd ask the accountant for them.Maybe some of the Bookkeeping-Essentials.com readers can share
if they also receive the working trial balance from accountants ... in addition to the actual adjusting entries.