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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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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:
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
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