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Re-open a fiscal period to post an ending balance

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Posted on by Rasmus B 147

Hi everyone,

In this scenario a customer has started their BC installation already with a closed fiscal year behind them.

This was simply an unfortunate mistake. The entire 2022 is closed without transactions in BC.

I would need to post an outgoing (or "final"/"ending") balance per the end of the year 2022 to be able to have in the system as an ingoing ("opening") balance for the beginning of 2023.

This balance for 2022 comes from their old system.

I am aware of that it is stated by Microsoft that it is not possible to open a closed fiscal year in Account periods. It makes sense generally speaking.

Is there a work-around financially (to get the financials correct, ie ingoing/opening balance) or technically (opening the fiscal year/posting to the G/L)?

Thanks a lot for any input on how to solve this  

Categories:
Financial Management
Data Migrations
Other
  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,419 User Group Leader on at
    RE: Re-open a fiscal period to post an ending balance

    General Ledger Setup and User Setup Allow Posting from and to dates control what dates you can post do. the Closed flag in Accounting periods does nothing!. Remember that if you post into a prior year, you need to re-close your income statement.

  • Rasmus B Profile Picture
    Rasmus B 147 on at
    RE: Re-open a fiscal period to post an ending balance

    Hey, thanks. I just tried posting some and it works fine as you say. I figured the General Ledger would be locked but I can post directly to accounts just fine :)

    However how does that work with the year being closed? It seems like I have some more digging to do here.

    Unlocking the locked fiscal year worked though. Hopefully that is enough :)

  • Suggested answer
    Bilal Haider Profile Picture
    Bilal Haider 43 on at
    RE: Re-open a fiscal period to post an ending balance

    Hi Rasmus B,

    No, you can post. Give it a try.

  • Rasmus B Profile Picture
    Rasmus B 147 on at
    RE: Re-open a fiscal period to post an ending balance

    Thanks for your replies :)

    Bilal: How do I post in a closed fiscal year? Isn't it completely locked, G/L etc?

    learn.microsoft.com/.../how-to-fiscally-close-accounting-periods


    Edit: thanks to the links above I found a solution using config package. Thanks!

  • Verified answer
    DAnny3211 Profile Picture
    DAnny3211 9,190 Moderator on at
    RE: Re-open a fiscal period to post an ending balance

    hi

    look this

    community.dynamics.com/.../reopen-fiscal-year-after-accidentally-closing-it

    learn.microsoft.com/.../how-to-reopen-accounting-periods

    DAniele

  • Suggested answer
    Bilal Haider Profile Picture
    Bilal Haider 43 on at
    RE: Re-open a fiscal period to post an ending balance

    Important:

    You should mention the end date of closed fiscal year in report.

  • Suggested answer
    Bilal Haider Profile Picture
    Bilal Haider 43 on at
    RE: Re-open a fiscal period to post an ending balance

    Hi,

    I do not fully understood your scenario, but you can always post in a closed fiscal year and then run close income statement report to clean income statement accounts and putting balance to retained earnings account. On running the report, it will create general journal entries to balance out income statement accounts and the specified retained earnings account.

  • bhsultan Profile Picture
    bhsultan 10 on at
    RE: Re-open a fiscal period to post an ending balance

    Hi,

    If the client closed 2022 with C31.12.22. and is starting 2023 in new company (with 2022 closed in this new company), then you can try and post starting balances on 01.01.23.

    This might require some report modification, to correctly display those starting balances.

    Regards

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