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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Close Year End - Can i...
Small and medium business | Business Central, N...
Suggested answer

Close Year End - Can it be reopened?

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Posted on by paul.asaro@equiteq.com 30
Hi All
We just set up BC with data from 2018 to date. However, we haven't closed a year end yet.  We are just trying to get all the years exactly the way we want them before closing them.  But I doubt we will be able to anticipate all eventualities.
If we close, say 2019, will I be able to re-open it and make reclasses between income statement accounts and balance sheet accounts, or within just the income statement?   The total Trial balance ties to the old ledger, so I highly doubt there will be an additional expense or revenue or anything like that added or subtracted, but just geography between accounts (moving an expense from other expenses to say rent expense).
Hopefully I was clear...
Thank you
  • Suggested answer
    Community Member Profile Picture
    Community Member on at
    RE: Close Year End - Can it be reopened?

    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

  • Mike Bresnan Profile Picture
    Mike Bresnan 65 on at
    RE: Close Year End - Can it be reopened?

    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!!

  • paul.asaro@equiteq.com Profile Picture
    paul.asaro@equiteq.com 30 on at
    RE: Close Year End - Can it be reopened?

    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?

  • Anita75 Profile Picture
    Anita75 1,159 on at
    RE: Close Year End - Can it be reopened?

    Once you close a year you cannot reopen it.  However, you can run close income statement process again for a closed year so you will be able to post new transactions to retained earnings account.

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