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24.4. Adjusting Account Balances
While adjusting account balances should not be something you need to do often it can come in handy in the event that your accounting software and Arctic get out of balance. It can also come in handy for accounts where you need to keep track of amounts collected and then make adjustments to these accounts when they get paid out, as in the case of a gratuity or tax account.
To adjust an account balance, go to the "Settings" page under "Invoicing" and click the "Pencil" icon next to "Manage Accounts". On the "Browse Accounts" page, click the "Spy Glass" next to the account you want to adjust.
This will take you to the "View Account" page. Next click the "Adjust Balance" button.
On the "Adjust Account Balance" page, first choose what kind of adjustment you want to make by selecting either "Decrease Account Balance" or "Increase Account Balance" from the "Type" drop down menu as shown here:
Next, enter the amount of the adjustment in the "Amount" field. Then enter the date you want to record the adjustment in the "As Of" field as shown here:
Note: By default, Arctic will enter today's date in the "As Of" field. Be sure to enter the correct date if you want the adjustment to be recorded on a different day.
Once all of the fields are complete, click "Submit" to save your changes. Arctic will return you to the "View Account" page where you will see your new adjustment and the new account balance.
Notice, Arctic created an invoice for the adjustment you made. You do not need to do anything with this invoice but you can, if you would like, view the invoice and add any notes you might feel appropriate to explain the adjustment that was made. To view the invoice, click the invoice number as shown above. This will take you to the "View Invoice" page, where you can add any notes you wish to the invoice explaining the adjustment.
Also, notice that the date of the adjustment shown on the "Sales" tab doesn't match the date we entered for the adjustment. The reason the date does not match the adjustment date on the "Sales" tab is because the "Sales" tab records the date the adjustment was created or "sold" in Arctic terms. On the "Income" tab, Arctic will reflect the income being added or removed from the account on the date we entered for the adjustment.
You will also notice there is a difference in the account balances between the "Sales" tab and the "Income" tab. For the "Gratuity" account, on the "Sales" tab we show a final balance of $154.25 but on the "Income" tab we show a final balance of -$225.75.
The reason for this is again because of the differences in the way the information is reported on the two tabs. The "Sales" tab shows all of the income for the account on the date it was "sold" regardless of whether payment has been collected for the invoices associated with the sale. The "income" tab reflects only the amount of income that has actually been collected. Be aware if you are making account adjustments for payouts for things like gratuities that you always do them based on the account balance shown on the "Income" tab rather than the account balance shown on the "Sales" tab.
In the next section, we will cover deleting old accounts.