May 2026 – Posting Adjusting Journal Entries
May 2026 – Posting Adjusting Journal Entries
OVERVIEW
With the March and April tax filing deadlines behind us, now is the perfect time to wrap up your 2025 bookkeeping. One of the most important steps in this process is posting the adjusting journal entries we provided with your business tax returns. These entries are crucial for ensuring that your financial records are accurate and ready for future financial planning and reporting.
In this newsletter, we’ll guide you through the process step-by-step, making it easy to finalize your 2025 bookkeeping with confidence.
POSTING 2025 ADJUSTING JOURNAL ENTRIES
If we prepared your partnership, S-corporation, C-corporation, or trust tax returns, we provided you with our tax preparation journal entries and an adjusted trial balance, which are available for download from the Soukup, Bush & Associates Portal.
- Please share these files with your bookkeeper as soon as possible.
- If you handle your own bookkeeping, follow the steps below to post the 2025 adjusting journal entries:
Download the Adjusting Journal Entries PDF
-
- Download the adjusting journal entries PDF file from our client portal.
Post the Entries in Your Bookkeeping Software
-
- Open your bookkeeping software and navigate to the Adjusting Journal Entries screen.
- Follow the numbering in the adjusting journal entries PDF to post each entry individually:
- Set the date for each entry as 12/31/2025.
- Enter debit and credit balances to match the amounts in the adjusting journal entries we provided.
- If using QuickBooks Online, check the box for “adjusting journal entry” for each entry.
- For adjustments to accounts payable or accounts receivable, refer to the notes in the adjusting entry memos to allocate the entry to the correct vendors/customers.
- If you encounter an account not yet in your bookkeeping file, either add the account using the directions provided in the memo or contact us for assistance.
- Once all accounts, amounts, and memo details are entered for each line, ensure debits equal credits.
- Double-check that the posting date is 12/31/2025.
- For QuickBooks Online users, confirm the “adjusting journal entry” box is checked.
- Save the entry and begin the next one by selecting “save and new.”
Verify Financial Statements
-
- Run a Profit & Loss report as of 12/31/2025.
Ensure the report is as of 12/31/2025 and compare net income on the Profit & Loss report to the net income on the adjusted trial balance provided in the portal:
-
-
- Net income should be the same for both reports.
- If net income isn’t the same, review income and expense account balances compared to the adjusted trial balance, identify discrepancies, and correct them or contact us for assistance.
-
-
- Run a Balance Sheet report as of 12/31/2025
Ensure all account balances on your Balance Sheet match the adjusted trial balance.
The goal is to ensure that all accounts on your Profit & Loss statement and Balance Sheet match the adjusted trial balance provided.
Close the Books for 2025
-
- Once all accounts match and net income is aligned, close the books for 2025 to prevent further changes.
If you have any questions or encounter difficulties during this process, please don’t hesitate to reach out to us and we will be happy to assist you!