Record a prior year adjustment in General Ledger

How to enter prior year adjusting entries in Sage 300 CRE General Ledger after closing the fiscal year.

Open the prior year period

The period must be available in Tasks, Open/Close Posting Period to open the period and to allow entries to post.

1. From Tasks, select Open/Close Posting Period.
2. If you use prefixes, select the prefix and click OK.
3. Clear the checkbox that corresponds to the prior year period that you want to open.
4. Click Accept.

Record and post the prior year adjustments

See steps if you need to make entries for a period that's two years before the current year.

1. From Tasks, select Record Entries.
2. Record your prior year adjustments and click Finish.
3. Click Start and print the journal.
4. From Tasks, select Post Entries. If you already posted adjustments, skip to the Close your prior year adjustments to retained earnings section.
5. Click Ranges, select the batch, and click OK.
6. Click Start and print the journal.

Close your prior year adjustments to retained earnings

Close prior year adjustments to retained earnings.

Close the prior year period

1. From the Tasks menu, select Open/Close Posting Period.
2. 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 won’t close unless the prefix is in the last period of a fiscal year. It also won't close if there are any prior year adjustments to close.

3. Select the checkbox that corresponds to the prior year period to close and click Accept.

 

See how retained earnings balances update.

 

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