Correcting posting type

(0) Share

Report

Posted on by Nime

130

I have set up an account with a wrong posting type 'Balance Sheet' instead of 'Prifit & Loss Account' and closed the year. So the balance is brought forward to the current year. Is there a way it can be corrected?

*This post is locked for comments

All responses (4)

Answers (0)

Community Member Microsoft Employee on at

Like (0)

Report

Re: Correcting posting type

Hi, the following KB artcile (864913) describes what to do.

https://mbs.microsoft.com/knowledgebase/KBDisplay.aspx?WTNTZSMNWUKNTMMYVTQUUXNNZOUKYPPPWKTPXLZSRULRZTURSZTSWYZRPNMPWWPW

Best regards, Ian.
Nime 130 on at

Like (0)

Report

Re: Re: Re: Correcting posting type

FYI. Clearing entry does not allow to post trx in a historical year. I just passed a General entry.
Nime 130 on at

Like (0)

Report

Re: Re: Correcting posting type

Thanks so much. Yes. I recently closed the year. However several trx processed since them. I will use your other suggestion. Thanks again.
K Day 7,365 on at

Like (0)

Report

Re: Correcting posting type

Did you just close your year? Did you make a database backup prior to closing the year? If so, I would restore the backup and do it again.

If that is not an option, you can always just make a journal entry to manually back that balance out and put it into retained earnings. I might use the clearing entry and date it as of the last day of your fiscal year. You can post back one year into a historical year and it will automatically adjust the Retained Earnings Beginning balance.