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How do I record a prior year adjustment in General Ledger?

Created on  | Last modified on 

Summary

This article provides steps to make audit adjustments or enter prior year adjusting entries in General Ledger after the fiscal year is closed.

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.

  1. From Tasks, select Open/Close Posting Period.
  2. If you use prefixes, select the prefix and click OK.
  3. 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?

  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.
    Note: If you already posted your prior year adjustments, skip to the next section Close your prior year adjustments to retained earnings.
  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 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 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.
  3. Select the check box that corresponds to the prior year period to close and click Accept.


Note:


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