You’re offline. This is a read only version of the page.
30
Paul,
Most companies will Close the Income Statement soon after their Fiscal Year Books are finished. If you find mistakes, need to reclass entries, or add Tax Accountant/External Accountant adjustments, just Book the Entry to the Closed Fiscal Year (i.e. 12/31/20). Post the Entry. Then rerun the Close Income Statement to create the GJ entry. Post the entry created.
Hope this helps.
Thanks,
Steve
You can post into the most recently closed year, provided the period is open, and you have enabled posting into history in setup->Financial->GL Setup. When you post an entry, the posting report will look strange because it will not only post your entry, but also the resulting adjustment to the opening balances in your current year.
EDIT: Didn't realize i somehow got into the Dynamics 365 forum, my answer was in regards to this issue in Dynamics GP... Apologies!!
Yes... I wouldn't be looking to reopen it completely, but make changes like I mentioned- reclasses within the income statement so that when I run comparables year over year, it is apples to apples.
For example, in 2020 I'm booking utilities on our office to a new code for Rent- Utilities. Previously it was in with the Rent account code. I would go back and make a monthly entry to reclass that expense from Rent Expense to Rent Utilities Expense.
Would that be possible?
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,240
Super User 2024 Season 2
#2
Martin Dráb
230,149
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (