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remove old opening balance and enter new one?

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Posted on by SNJJ

I inherited an old BC setup at my new job and need to update it, the person who set it up back then is not around anymore. I need to remove a previous years posted opening balance and enter new opening balances for 2021 along with any 2020 invoices which were pending.

I understand I have to reverse the old balance entries and any old posted invoices which are now irrelevant. It seems the original opening balances were imported.

What do I need to do to safely reverse and update the opening balances to the current year?

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Hello,

If the opening balances were imported they created a G/L Register (Journal) for the entries in question. You can find the G/L Registers - Archive and/or Entries associated with the Opening Balances. If you use the G/l Register page, when you highlight the register click Reverse/Reverse Register. If you find the entry using the General Ledger Entries page, highlight the entry and click Functions/Reverse Transaction.

One way to locate which G/L Register the opening balances were posted on is to find one entry in the General Ledger Entries and locate the Entry No.

Then take the Entry No. and go to the G/L Register and find the Entry No. and which G/L Register it was part of. Note that my example the Entry No. 79 was part of 2 entries and yours will be much larger.

If you need help tracking this down, feel free to email me at steven.chinsky@wipfli.com and we can have a Teams call to assist.

Hope this heklps.

Thanks,

Steve

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SNJJ 5 on at

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Hi Steven,

I attempted the above but unfortunately the entry numbers no longer show up in the G/L Registers archive. It seems I can see recent entries under my USER ID, but no entries related to the USER ID of the previous person who setup this system.

is there any other suggested way for us to undo the 2020 opening balance entries and transactions and restart from 2021?

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Hello,

Do you have a filter set on the G/L Register whereby you cannot see all entries? It might be faster for me to send you a Teams invite to remote and help. Here is my email : steven.chinsky@wipfli.com Tell me your time zone. I am EST. I can send an invite and we can work together.

Thanks,

Steve

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