USA How to create JEs from given IS/BS/ and Trial Balance reports

[JocelynT]

Hi everyone, I really need someone help me out. My company hires a CPA to do their accounting book for their branch in Asia. By the end of every month they send her a payment list and Income statement /Balance Sheet/ and Trial Balance reports. Now she asked me to create JEs from the information given from those reports. I really don't get what I am supposed to do. The Trial Balance looks like below. There are DR/CR for each account why does she need me to create JEs from that? She said that the CPA only send her the reports but not the Journals so now I need to do it. She has been doing that so far but she doesn't want to train me how to do it but asking me to do it on my own to see how I far I can do (I'm new in this company). Please advise me how to do it and which accounting topics should I read to apply into this. I've read reversed entries, adjusted trial balance, inter company transaction but still haven't really known a way to go yet. Thank you so much.

 

[bklynboy]

Dont you just book the difference between end - begin? Thats your activity for the period. Its that simple.

 

[JocelynT]

Dont you just book the difference between end - begin? Thats your activity for the period. Its that simple.

Thank you for your response. The activities in the period are already shown on the trial bal at the movement columns, aren’t them? Why should I rewrite them? I thought I have to do sth like reversed entries/closing entries. Is that what you meant?

 

[bklynboy]

I dont think so. The report has all the data you need. We get something similar from our foreign subs and has all the pieces. Hardest part is converting ledger numbers as they have a different system than the parent in US. But just book the changes and that should work. Once a year you need to close out income statement to RE as well to roll forward the balances

 

[JocelynT]

Thanks so much. Hopefully I can turn it in today. Appreciate your advice.