Hi Experts,
Your expert assistance and suggestions are needed to resolve the following issue:
The year-end close for 2024 was originally completed in June. However, the finance team made some adjustments and recently re-ran the year-end close for 2024. During this process, they encountered the following error.
The year-end close for 1/1/2024 can’t be reversed because beginning balance transactions have been ledger settled in fiscal year 1/1/2025. Either reverse the ledger settlement in fiscal year 1/1/2025 before reversing the 1/1/2024 year-end close, or close the fiscal year 1/1/2024 again, but only for new adjusting entries. Reclosing the year for adjustments only is accomplished by setting the General ledger parameter “Delete existing year-end entries when re-closing the year” to No.
To address this, as suggested in the infolog, the option “Delete year-end entries when re-closing the year” was disabled, and the re-run was completed successfully. The adjustment entries were correctly reflected in the opening balances in TB; however, the current year (2025) running balances in TB are now inaccurate.
Can we use the "Reverse year-end close" option to correct this issue? Is it safe to reverse the re-run "YEC2024-2"?
