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Microsoft Dynamics GP (Archived)

reversing last (closed) year entry...

Posted on by Microsoft Employee

From my finance manager ---

I need to load adjusting journal entries for the prior fiscal year which has already been closed.  The adjusting journal entries affect both balance sheet and income statement accounts.  Do I need to reopen the last month of the fiscal year, load the journal entries and re-close the year?  I have never had to do this in the past and I just want to make sure I do it correctly. 

Any suggestions or leads to documentation on how to accomplish this task is welcome!

Michael in Miami

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  • Verified answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: reversing last (closed) year entry...

    thank you!

  • Verified answer
    Rosemary Profile Picture
    Rosemary 2 on at
    RE: reversing last (closed) year entry...

    You are correct, open the period of the respective year, post entries and close month afterwards.

    That's how we do those adjusting entries.

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