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Hi
Our year end is approaching. It is normal for period 12 to be closed and draft accounts prepared. However it often happens that further adjustments are made after this. Period 12 is then re-opened and further journals posted. I am looking for a way to group these adjustments together on a FRX report to provide clarity that they were made after the draft accounts were prepared.
I thought that I could create a period 13 with the same dates as period 12 and have all the adjustments posted here once P12 is closed. I did some research and found the following posted on this site
"This is a popular trick, to set up a 13th period in your Fiscal Period setup with the same date range as the December period. You then close December, and with the 13th audit period open, transactions will post in to that audit period. Sounds brilliant right? Well, it is...as long as you never run financial reconcile (Tools>>Utilities>>Financial>>Reconcile) on that year. As it will reattribute the postings to the earliest period with the same start date (assuming both periods were closed when you ran reconcile) or all postings (including your original Dec postings) will be attributed to the open period (if the 13th is open, and the 12th is closed). Ugh. Better choice? Set up a source document code (Tools>>Setup>>Posting>>Source Document) called AJ for Adjusting Entries and select it whenever you enter an adjusting entry instead of GJ. Then use the Cross Reference by Source Document report to view your AJs for a time period (Reports>>Financial>>Cross Reference>>Source Document)."
This I can understand. The problem is that I want to get the adjustments to appear on an FRX.
Does anybody know if it is possible to code an FRX column layout to display postings from a specific Source document , i.e all adjusting entries?
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Hi Rob
Thanks for that. They are good articles.
I think I am going to go with a P13 and accept the fact that if a reconcile is run the FRx reports will not pick up the adjustment figures. As a safeguard I will instruct the users to use a batch ID of "Adjust" for all adjustment transactions and if necessary I can built a SQL report to pick up all trx with this batch id.
Thanks again for all your help
Regards
Calum
Sorry, that was the issue that required the following article:
Thanks
Rob
This is a great link to infomation that should be helpful.
https://mbs2.microsoft.com/Knowledgebase/KBDisplay.aspx?scid=kb$EN-US$857881&wa=wsignin1.0
Let me know if you have any further questions or issues.
Thanks
Rob
I have customers who have period 12 only go to 12/30 and leave 12/31 for period 13. This period is kept closed until needed. This would eliminate the issue of reconciling or leaving batches unposted.
Hey Craig
Thanks for that. It does seem useful but I dont think it would suit my needs in this case.
This is a report that i would like to run say in 6-9 months time and view the all the adjustments put through after the draft accounts were prepared.
This type of reporting is used to analyze unposted transactions and view the activity before posting transactions.
It can be done for month end, qtr end, or year end. Once you're happy with what you see, post the transactions and close the year/period. It may not be the ideal solution but it can work if it's possible to control postings by period.
Hi Craig
Thanks for that. It makes sense however there is likely to be quite a lot of transactions so I am thinking they can not remain unposted forever. Also would this not cause issues when I close the year and there are unposted transactions?
Hi Rob
Thank you for the reply. I am reluctant to set up a P13 due to the issues this raises if a Financial reconcile is required in the future.
Also I am unsure how to set up a period as an "Adjustment Type" period......does this solve the Financial reconcile issue?
Calum
You cannot restrict FRx to a specific source document, but you may be able to get what you need by looking at Unposted Activity.
In your column layout you will have 2 columns set up for period 12. One (pre adjustments) will use the Column Restrictions option of PT (Posted Transactions). The second period 12 column will contain the Column Restriction of UPT (Unposted Transactions) Make sure that all other transactions are posted for period 12, set your Catalog ID to include Posted and Unposted activity and you should have the ability to see YTD amounts prior to Adjustments, Adjustments by themselves, and YTD after adjustments
I hope this helps.
Craig
Calum,
FRx supports adjustment periods as well as adjustment transactions. There are differences in the way it can deal with these, but if you post into Period 13, and make sure it is set up as an Adjustment type period in your GL, you can combine that data with the last period (12) or keep it separate for different types of reporting.
Thanks
Rob
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