I am not quite sure the function about posting to previous year in Adagio G/L. I mean, if i have an adjust entry for inventory
Dr: inventory write off $500
Cr: inventory $500.
Since I have alreay closed the year, all the income items have been closed to the retained earning account, i am wondering whether i should post the entry as it is, or i post entry like this:
Dr : Retained earning $500
Cr: Inventory $500
I hope i can get answer as soon as possible.
thanks