| How do I record a prior year adjustment in General Ledger? |
Resolution | Open the prior year period:Note: The period must be available in Tasks, Open/Close Posting Period to open the period and to allow entries to post.- From Tasks, select Open/Close Posting Period.
- If you use prefixes, select the prefix and click OK.
- Clear the check box that corresponds to the prior year period that you want to open and click Accept.
Record and post the prior year adjustments: Note: If entries are for a period two years prior to the current year, see Can I make General Ledger entries for two years ago? - From Tasks, select Record Entries.
- Record your prior year adjustments and click Finish.
- Click Start and print the journal.
- From Tasks, select Post Entries.
Note: If you already posted your prior year adjustments, skip to the next section Close your prior year adjustments to retained earnings. - Click Ranges, select the batch, and click OK.
- Click Start and print the journal.
Close your prior year adjustments to retained earnings. Close the prior year period: - From the Tasks menu, select Open/Close Posting Period.
- Select the appropriate prefix and click OK. Skip this step if you don't use prefixes.
Note: The prefix selection will show the current period and current year end dates. The current year will not be closed unless the prefix is in the last period of a fiscal year and there are no prior year adjustments to close. - Select the check box that corresponds to the prior year period to close and click Accept.
Note: [BCB:156:Chat 300 CRE US:ECB]
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