Hi Experts,
I need an urgent advice from you.
We have posted few transactions into the wrong account and now we want to correct the balance,
I know to correct the balance we can reverse the transactions or make reverse entry in GL, however just thinking of, is there any alternative we can transfer the balance from somewhere in MSD365 from wrong account to correct account?
Sounds very silly question, however any possibility is great to explore.
Regards,
Ramit
I have changed the post type and verified the answer from Sourav. Please check if it is the correct one to be marked.
Hello Ramit Paul,
I am also wondering why the 'Suggested answer' option is not available in this thread. I was checking this in fact.
How did you create this thread? Did you select the type as "Question" or "Discussion"?
Also make sure everything is selected properly at the bottom too like this.
Best regards,
Sourav Dam
Why the suggested answer is not available, I want to make your answer as verified
Excellent Sourav, thank you for your detailed articulation, this seems perfect and our closing is on Aug hence I think not feasible right now, however this will help in future .
Thanks again
Hello Ramit Paul,
Closing period adjustments form is used for adjustment purpose at the time of year end closing process.
Once you click on Closing accounts; you will get another form open. Here click on Load balances.
Once the balances loaded; you can select a main account to transfer the balance of that account to another. Once this is selected, click on Transfer.
In the Transfer form, select the offset account and put the amount which you want to transfer.
Save the form and go back to the previous form. Click on Post.
Once this is posted; you will see the balance is transferred to the other main account.
Best regards,
Sourav Dam
Kindly mark this thread 'Yes' if this is answered your query which may help other community members in this forum.
Thanks Sourav,
Option 1 is more feasible I think.
Can you explain a bit for option 2? Closing period adjustments- does this mean I can transfer a specific main account's balance to another, and then I cant use the main account which as wrong?
Hello Ramit Paul,
You can use general journal to set one account in Debit and other account in Credit side and transfer the balance from one account to another.
If you are on year end closing process; then you can use Closing period adjustments form to transfer the wrong balance from one account to other. You will see this form in General ledger > Period close > Closing period adjustments.
Best regards,
Sourav Dam
Kindly mark this thread 'Yes' if this is answered your query which may help other community members in this forum.
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