Reopen Year End Close

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Posted on by Charlotte Rich

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The head of our accounting department just asked me what the repercussions of re-opening YE Close 2012 would be. He says they have several errors that need to be corrected. Can anybody shed some light on this subject for me please?

Thanks,

CDR

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Richard Wheeler 75,850 Moderator on at

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What do you mean by reopenning year-end close? Do you want to see 2012 as an open year again? I am sure you have been processing transactions in 2013 by now. If you want to post to a prior year(2012) you can simply post the transactions with a 12/31/2012 date and correct whatever is necessary in 2012 and then these transaction will flow into 2012 as either BBF or to retained earnings.

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Charlotte Rich 210 on at

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I know we can have both years open at Dec for transactions but I think we have a “point of no return” once we go through the close process.

2012 is listed as historical year now since we went through the process of:

Tools\Routine\ Sales \Tax Year-end Close

…Purchasing \ Year-end Close

…Financial \Year-end Close

…Company \Tax Year-end Close

By closing all expenses GL Zero out for beginning of the new year 2013 and net profit goes to retained earnings.

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Richard Wheeler 75,850 Moderator on at

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Yes, all your P/L accounts will go to zero and your B/S accounts will be brought forward. Now if you are talkng about re-opening AP and AR ytd values that is something completely different. I would not suggested trying to go back to prior to year-end closing process unless you have a backup and you do not care about transactions after the close. However, you can post GL transactions with a 12/31/2012 date and they will roll forward properly into the GL in 2013.

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Community Member on at

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Hi Charlotte,

As Richard mentioned you can post to 31st December and the transactions will roll forward and update the GL in 2013. However if you are in a situation where this does not correct your problems and you need to reopen FY2012 and rerun the year end close, Microsoft provides a chargeable service where they will do this for you.

If you find that you need to reopen the year please raise a support incident with Microsoft.

Regards

Rob

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Beth Hutchins 35 on at

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I am looking to reopen AR to correct some AR detail in 2012. I have not yet closed GL for 2012, so the retained earnings entries, etc. have not been done. I have already performed transactions in 2013 in AR. I am not concerned about the impact of the transactions on a customer history record for the particular customer that I need to impact.

Can you tell me what the impact would be to reopening Sales for December 2012, posting some transactions (crediting existing sales orders that are not valid) and then closing Sales for December 2012? We do not use the Finance Charge functionality.

Thanks,

Beth

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L Vail 65,271 on at

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2. Open Customer Summary, the default view should now be summary. The correct, date sensitive, values will be displayed.

Kind regards,

Leslie

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