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Hi:
A GP 2010 client closed the year 2020 today. Before doing so, they knew that their Retained Earnings account was not in balance in the previously closed year (2019). There was an account coded as a Balance Sheet account instead of a Profit and Loss account.
I followed the KB article for correcting the balance of an account after year-end, by creating a journal entry for 2019. That corrected the Retained Earnings but left a balance on the other account.
So, I followed the article on creating a one-sided journal entry for this account to correct the account's balance, based on a 12/31/2019 entry that I created. And, I deleted the dummy account.
The figures on the trial balance were still inaccurate.
Next, I reversed both entries and entered a 2019 journal entry to correct Retained Earnings and a dummy account was the offset account.
Finally, we closed 2020. And, I deleted the dummy account. Now, all accounts - even balance sheet - accounts are wrong.
I paid attention to ensure that the proper "history" accounts were unchecked.
What could have caused this and what's the fix?
Thanks!
John
Did you do the Financial Reconcile for each impacted year? That is needed to correct the summary data.
[I am not a fan of the KB's method with the dummy account. This is not difficult to fix via SQL.]
Do you have a backup from before the 2020 close was done that you could restore to a test company? If so, you can restore to test, correct the prior year issue before you close, do another backup and then do the close. That should give you the correct GL30000 history and GL 20000 open year beginning balance data in the test company that you can compare via SQL.
And I'm sure you have pointed out the value of upgrading to get the Reverse Close enhancement.
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