Entry to Closed Year

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Posted on by Sunil Chhabra

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I am made an entry at 12/31/2019 which is closed year.

The debit was an expense and the credit was an other asset account . Below is the entry

12/31/2020 Expense $15000 Debit

12/31/2020 Other Asset $15000 Credit

The system then made the additional entry. The issue with this entry is the expense is correctly closed to Retained Earnings. But the Other Asset is reversed. When I run the Trial Balance or do a Journal Entry inquiry - the other asset is a debit and a credit which results in a wash.

12/31/2020 Retained Earning $15000 Debit

12/31/2020 Other Asset $15000 Credit

Please advise.

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Microsoft Dynamics GP

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Beat Bucher GP Gee... 28,021 Super User 2024 Season 1 on at

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RE: Entry to Closed Year

Hi,

just a quick Q.: have you tried to run a GL reconcile for the Historical & Open year ?