How do I enter adjusting entries to a previous period or to prior year/period zero?

Sage 100 Contractor allows you to have more than one fiscal year open at a time, so you can enter previous period or period zero/prior year adjustments depending on whether you have performed a fiscal year archive of the prior fiscal year.

If you have not archived the prior fiscal year

If you have not archived the fiscal year in which you need to post to, you can select and post your adjusting entries directly into the desired period and year.

If you have archived the prior fiscal year

Post the adjusting journal entry to period zero or 0-Prior Year in the current company to update beginning balances. To update the archive company's ending balance so it matches the current company's beginning balances, you must open and make an adjusting entry in your archive company.

In current year company file:

1. Open 1-3 Journal Transactions
2. Enter the adjusting journal entry and any required information.
3. From the Edit menu click Period
4. From the Fiscal Year pick list, select the Year you need to update.
5. From the Period# area, select the correct period you need to update.
   • Note: If the year you wish to post to does not display in the list because you have created a fiscal year archive for that year, select 0-Prior Year from the Fiscal Year pick list.
6. From File menu, Save.
7. Click Yes to the message "Reminder: You have selected post to the previous year. This option will adjust beginning balances in this company but will not post to your archive company; you will need to manually update your archive company to reflect these changes. Do you want to continue?

In archive year company file:

1. Open 1-3 Journal Transactions
2. Enter the adjusting journal entry and any required information.
3. From the Edit menu click Period
4. From the Fiscal Year pick list, select the Year you need to update.
5. From the Period# area, select Period 12.
6. From the File menu click Save.