I just posted two AJE to the prior year. Our prior year ended 12/31/07. I did the following:

I created a new batch.
Chose 12/31/08 as the period (had to pick; couldn't enter).
Used 12/31/07 as the transaction date for each line item.
In the posting window, I chose 2007 for the year option.
I clicked on poSt to YE adustment period.

Everything looked like it worked but nothing posted to 2007.

The posting journal shows the 12/31/07 JEs and then 7/31/08 'close to retained earnings'.

Obviously I did something wrong. Did I have to change the working date back to 12/31/07?

Can I unpost and start over? How?

PLEASE HELP WE'RE UNDER THE GUN OVER HERE!

Thanks!
Lulu

Hi, Lulu,

Had you really intended to post to the YE Adjustment Period (period 14) or had you wanted to post to the specific period (sounds like you chose period 12)?

The 'Post to YE adjustment period' option on the 'Post to prior year' posting window is an optional function provided for those companies that choose to post adjustments to the prior year but not to have those adjustments affect a particular period net change (eg. affect period 3 or 12 of the prior year). To do this, selecting this option posts your AJE's to a special 'period 14'. (Fiscal years are either 12 or 13 periods.)

When you print the Trial Balance report there is also an option on the print window for you to choose to 'Include YE Adjustments'.

If you find that you really had not wanted to post to the YE Adjustment Period afterall, you are always able to create a batch of reversing entries and post those to the YE Adjustment Period. You would then need to repost the original entries to prior year while not selecting the option at all.

The YE Adjustment Period is an option that is what some companies desire but is not necessarily what all companies will want to use. When you're on the 'Post to prior year' window, select the Help button and link to the 'posting to prior year' topic. This topic (and the subsequent link to YE Adjustment Period) discuss the option more fully.

How are you telling that "nothing posted"? The Trial Balance, GL Detail Listing and Financial Reporter all have options to include or exclude the YE adjustment period from their reports. Check your report options carefully!

Actually I just did that, while waiting for a response and it did in fact post. How do I get my financial statements to show the YE adjustment period?

What concerned me was the posting journal, which had a 7/31/08 date for 'close to retained earnnigs'. What does that mean?

Also for future reference, when we are making AJEs to the prior year, should I change the system date to the prior year end date?

Thanks!

Hi, Lulu,

There is a button in the toolbar called 'Include YE Adjustments' which will toggle on and off.

If you can't see the button, you need to Refresh your toolbars. To do this, select View | Customize from the menu. On the Toolbars tab, highlight the name of each toolbar and click the Refresh button each time. You might also want to do this on the Views tab as we have added new Account Data tokens too.

Ok, I found the button and it worked. Thanks.

I had read the information on posting to the 14th period, but misunderstood the ramifcations.

What about the date. In the future, does it matter what the system date shows when posting to a prior year?

Thanks,
Lulu

Hi, Lulu,

When posting to prior year without the YE adjustment period turned on, it matters what 'period' was selected in the batch being posted. Posting will affect that period within the prior year.

Okay, so the period needs to be correct (which it was) but the system date can still be in the current year? I just want to be clear on the dates. I don't know if I have the terminology correct, but I'm talking about the date that shows at the bottom right of the screen, next to the user name.

Should I have been in 12/31/07 or was it okay to be in 7/31/08?

Thanks,
Lulu

It was fine to be 7/31/08. This "session date" just providesa default for batch entry and does not affect the dates of the posting transactions.

Hi, Lulu,

First, let me differentiate between the system date (today's date as in your Windows calendar on your PC) and the session date (the date you log into Adagio with that becomes the 'default' date unless overridden within data entry).

It is possible for the system and session date to be today (7/31/2008). And to create a batch to be posted to the prior year (2007) selecting that it be posted to Period 6. And, then to override the date within the GL entry and and enter a date of 6/23/2009.

This batch will post and the entry date recorded will be 6/23/2009. However, it will affect Period 6 within the prior year (or 2007 in this example).

I think it depends on what you want the entry date to represent. If it's the date of entry and posting, then you might want to use today's date (7/31/2008). If it's a particular date within the year being posted to, you might want to use 6/23/2007 (assuming Period 6 refers to June).