if I open the period the original check was posted in - then void it - changing the posting dates to the current open period - will it NOT affect the closed period financials AND the voided transactions will appear only in the current open period. Is that correct?
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when I opened the prior closed period I ran into a problem - it wanted to recalculate balances..I don't think that is correct. I checked balances and it was off by 400K from my records for the prior closed period. I closed everything down, contacted my IT to restore the file, then opened it again and saw everything was back to normal.
Maybe I don't know the correct steps for opening a closed period.
Thank you Leslie. I guess the reason we have to open the closed period is to allow the void in the current period?
Hi,
The 'posting date' is the date it will affect the general ledger. The void date is the date it will affect the sub-ledger. If I understand the scenario you described, the voided transaction will affect the GL on the posting date you have changed it to in the Void Historical Payment Transactions window and it will affect the subledger on the void date on the Void Historical Payment Transactions window.
Kind regards,
Leslie
That is the piece I don't understand.
I'm just wondering why you would need to open the prior period?
Hi Deanne - these are checks that did not clear the bank rec from prior closed periods. I am trying to void them in the system instead of doing journal entries so our records are complete.
I was told I could open the prior period - void the check using current period dates - and it would not affect prior periods. I am just trying to verify that that is correct.
Shouldn't you be voiding the check in the current open period? This way, cash and AP/AR would change in the open period. I can imagine that an accounting professional would want you to be changing prior period balances?
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