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ReportWe are using Great Plains version 9. We just closed 2015 and realised a GL account had been wrongly set up as BS instead of PL, which led its 2015 closing balance rolling over as an opening balance for 2016 and this affected Retained Earnings opening balance for 2016. Microsoft are suggesting a long and complicated solution for solving the problem, which is shown here: https://support.microsoft.com/en-us/help/864913/changing-the-posting-type-on-an-account-after-you-close-the-year-in-general-ledger-for-microsoft-dynamics-gp
Do you have any other suggestions? We want to avoid running SQL as we don't have an expert in this area and we are concerned we might make the problem worse instead of fixing it.
What if we enter a journal entry to Debit the Retained Earnings account in Jan 2016 and credit the PL account? I am aware this will not fix the opening balance issue and every time we run a trial balance for 2016 we have to manually adjust it. However, this will fix the closing balance for 2016 and once 2016 is closed in GP we should be all set. Do you foresee any challenges with that solution in terms of audit or anything else?
Thanks a lot for your help.
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