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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Prior period adjustmen...
Microsoft Dynamics GP (Archived)

Prior period adjustment for 2013

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Posted on by Refeesh Ali 5,201

hi, 

my finance department is facing a problem for the old year adjustment. i already closed the year long back and now they need to do the prior period adjustment for 2013. kindly advice me how to do it

thanks,

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  • Suggested answer
    Joshua Page Profile Picture
    Joshua Page on at

    Hello Refeesh!

    Is the 2013 year your most recent historical year and is the adjustment needed within that year? If both of the conditions are true (sounds like it's not the case however) you can post to it by marking "Posting to History" in the General Ledger setup window. (Tools>Setup>Financials>General Ledger). GP only allows you to post to the most recent historical year.

    If this is not the case you will need to reopen GL years to post to it (so for example if 2014 is already closed and you are in your 2015 year you would need to reopen 2014 to post to 2013). Microsoft offers a service to do this however. If you do need to reopen the year I would recommend reaching out to your GP partner to see if they can open the service for you (the service must be started by a partner).

    Also note that in GP 2013 a new feature was added that allows you to reopen closed years as well.

    if you have any questions please feel free to let me know!

    Joshua

  • Suggested answer
    Victoria Yudin Profile Picture
    Victoria Yudin 22,769 on at

    To add to Joshua's excellent answer, I have these instructions on my blog, I thought they may help:

    How do I post to the last closed year?  Here are the steps:

    1. Go to Tools > Setup > Company > Fiscal Periods and make sure the period you want to post to is open (unchecked).
    2. Go to Tools > Setup > Financial > General Ledger and make sure Allow Posting to History is checked.
    3. Enter and post your transaction. Read this before you look at your posting journal: the entry will look like it is posted twice. It’s showing up on the report twice because it’s updating last year’s balances and then updating this year’s beginning balances. This is ok.
    4. Go to Tools > Setup > Financial > General Ledger and uncheck Allow Posting to History. While it is ok to leave this checked, I recommend disallowing posting to history to avoid mistakes.
    5. Go to Tools > Setup > Company > Fiscal Periods and close (check) the period you opened in step 1. Again, you can leave the period open if you want.

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