1. In General Ledger, from the Inquiry menu, select Accounts.
2. Select the Current file and click OK.
3. Add a column for Prior Year Adjustment. Refer to How do I add or edit a column in an inquiry?
   • Note: If you are using the Cash accounting method, select the field CPrior Year Adjustment.
4. Add a condition for Prior Year Adjustment, Not Equal To, and leave the Value box blank.
   • Note: If you are using the Cash accounting method, select the field CPrior Year Adjustment.
5. This will show any accounts with prior year adjustments that have not been closed to retained earnings.
   • To identify the transactions that make up the prior year adjustments, refer to How do I determine which transactions are prior year adjustments for all accounts in General Ledger?
   • If the prior year adjustments are valid and should be closed to retained earnings, refer to How do I close prior year adjustments to retained earnings?
   • If the prior year adjustments are incorrect, the entries will need to be corrected. This should be done in the application they originated from.

 

Did you know Sage has a solution that can notify you when there are Prior Year Adjustments to close in General Ledger? Sage MyAssistant can automatically notify you when Prior Year Adjustments are available to close. Reducing the amount of verification and time needed by your staff to rectify this information. Contact our CRE Sales Team at 1-800-858-7095 or email at [email protected] for more information.