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Hi, I'm not aware of any issue with this.
Can you not post amounts to the allocation accounts dated in your new year?
Have you tried? And if so, are you getting any error messages?
Best regards,
Ian.
When I try to post to allocation accounts in the new fiscal year, I receive the error "Breakdown accounts sum cannot equal zero." We believe we have to close the prior fiscal year, even though we are not finished with journal entries and the audit, but wonder what other users do.
Thanks, Tracy
Ah yes, I see your problem.
You have a variable allocation account set up that uses the 'Year to Date' method to break down the allocation. Since there are no transactions in this account in the new year, its balance is zero, and therefore has no 'amount' to do its calculation of the allocation amount on.
You would need to look at the allocation account - look at each distribution account in turn and check that its breakdown account has a balance. If it doesn't, then the allocation cannot work.
In this case, you might think of removing th distribution account, since it shouldn't be posted to anyway if its balance is zero (kinda defys the logic of the variable allovation acounts?)
This is independent of whether or not you have closed your previous financial year. (as you add new financial year transactions to the breakdown account, its year to date balance will build up).
Hope this helps.
Ian, I need to research this possibility and will get back with you tomorrow. Thanks much.
Ian, the breakdown accounts, which are unit accounts, do not have a balance because they are set up as balance sheet accounts. We are contemplating closing the year before we are done with our entries so that our breakdown accounts will have a beginning balance. We have never done that. What are the ramifications of closing our year now and then reclosing when the audit if finalized?
Hi Tracy,
You can certainly perform a year end process on a year before it is completed. If you need to enter adjusting entries back into the closed year, you can do so, simply by dating the transaction back in that year. GP will post the transaction to the closed year, and auto post an adjustment to the opening balances of the next year.
The process above only works for the most recently closed year. However, you can back post in to years before this, its just that GP will not post an adjustment into the next years opening balances - you would need to post the adjustment manually.
So...you can close 2010, and get opening balances for 2011 so that your allocation accounts work. If you need to post audit adjustments back into 2010, this is fine, and GP will auto correct the 2011 opening balances. (remember to re-open the Financial Series in Fiscal Year Setup - as these will be ticked closed by the year end process).
However, if you wanted to post adjustments back into 2009, you can do this, but GP will not post an adjustment automatically into 2010 (and then into 2011) - to roll forward this adjustment. You will need to post to 2010 manually.
If there were a lot of transactions to b posted into 2010 you may not want to close it yet. The only other thing I can think of is to change the allocation temporarily to be based on Unit accounts (create these and post amounts into them corresponding to the balances the actual accounts), or to base the allocation on a fixed percentage.
thanks Ian
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