Hi All,

I'm using G/L 9. Year 2008 is closed. I'm preparing 2007 - 2008 audit working papers. 2008 opening retained earnings does not equal to closing 2007 retained earnings from published FS (auditors booked an adjustment). My question is: how to book entry and adjust 2007 balances for required accounts?

Thank you
Victor

Which number is right - the new closing balance at the end of 2007 or the opening balance in 2008?

Hi Andrew,

After importing transaction - adjusting entry into 2007 (Ledger 9.0) 2007 Net Income and RE are correct but 2008 opening RE is not. Do I have to import the same transaction into 2008?

Thank you

Well, you could just do a straight adjusting journal entry to fix the opening balance of the RE account.

Hi Andrew,

Thank you.
Did you mean post the same entry in current GL to prior (2008) year? What would be the entry? (The adjusting entry was: DR IS account and CR BS account)

Thanks again
Victor

Well, I'm not an accountant, but my guess would be debit Retained Earnings and CR the Balance Sheet account.

Hi Andrew,

Thank you. I tried different entries and none of them would fix opening retained earnings balance. I would prefare not to post any entry dirrectly to RE account. Is the any other way (using OLEDB to access and fix data dirrectly in the tables) this problem can be fixed?

Thank you
Victor

Hi Victor:

You do not post directly to the RE account. Your entry would be to the IS and BS accounts. The Prior Posting will close the IS entries to RE automatically.

Hi Lars,

Thank you.
I would not post entries to RE. The problem was with posting to 2007 after closing 2008. GL 9 does not have capability to do this yet. You can import entry in to 2007, but this function does not updates opening 2008 RE balance. Our consultant accessed data directly using read-write GV and fixed balance of RE account.

Victor