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.
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:
- For more information about how the retained earnings balance updates, see How does the retained earnings balance get updated when I make a prior year adjustment in General Ledger?