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I closed my 2020 Income Statement twice, by mistake. How do I reverse the last close?
Sincerely,
Steve Simon
PDG Consultants
Steve,
Closing your Income Statement twice will not double-up the entry. After the first time you create the Close Income Statement (Retained Earnings) entry, if you need to post again or if you posted a transaction to the 2020 year, running the Close Income Statement again will only pick up those entries not previously closed. You are good.
Do you follow?
Hope this helps.
Thanks,
Steve
Thanks, Steve. My mistake was Closing 2020. Not posting the JE and then Closing it again. So I doubled up. I fixed it by reversing the double close; posting that reversal. Then I Closed and Posted 2020.
Now it is right. I appreciate your help.
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