However, before any entries can be accepted or rejected, you must designate at least one community moderator. To do this, you must go back to the Community Management area (http://www.livejournal.com/community/manage.bml). Then, next to the moderated community, go to the "Members" area. You will see a list of all the members in your community. Now, check the "Moderator" checkbox next to the username of each member that you wish to make a moderator.
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Once your community is moderated, the current maintainer of the community will automatically be designated as the community moderator. If there are multiple community maintainers, the maintainer who switched the community to moderated will be designated as the moderator. You may wish to designate other moderators, or remove the maintainer as a moderator. To do this, you must go back to the Community Management area (http://www.livejournal.com/community/manage.bml). Then, next to the moderated community, go to the "Members" area. You will see a list of all the members in your community. Now, check the "Moderator" checkbox next to the username of each member that you wish to make a moderator. If you wish to remove the maintainer as a moderator, uncheck the "Moderator" checkbox next to the username of the maintainer.
Feel free to offer any suggestions or criticisms.
edit - as
lyspeth pointed out, these changes iirc are only live on the test servers. however, a rewrite will be necessary in the near future nonetheless. 