We are in the midst of our 2010 year end audit and we have discovered that our amortization account was set up as an asset as opposed to an expense. When we ran close year for 2009 the amortization expense did not close out to our retained earnings account.

So, for 2010, our opening balance in equity is wrong and we also have an asset balance in amortization.

We have also created a new fiscal year.

Is there any way to do a prior period adjustment so that our 2009 financial statements are accurate? I tried to unpost the batch but it wouldn't let me because it was from 2009.