Dear Team,

Used the "Import Transactions" feature for 2009 year end audit adjustment, Adagio Ledger 9,however I do not see the calculations reflected on the opening for 2010.

The account type is balance sheet.

I am now in 2011 data set, when I print the details for 09 the imported info is there,but in 2010 the opening is different from the closing of 09.

Major concern by client.

Any advice?

Import Transactions does not update any balances for subsequent years. The purpose of this function is to populate historical years with transaction detail for reports and drill-down. It is presumed that the balances for the current year are already correct, and if import transactions updated balances then this would actually cause problems in the current year - which is more serious than a mismatch in a historical year.

If the problem is in financial statements, perhaps all that is needed is to use a different code.

I suspect what happened is that the client opened the year 2011 before 2009 was fully audited. This actually is incorrect procedure. The proper procedure is to wait for 2009 to be fully audited before opening 2011.

Hi, Ed,

Why not create a journal entry for the current year 2010 that summarizes the entries that were imported to 2009. Then, post this entry to the first day of the first period of 2010. Make sure that any entries that were imported to 2009 revenue and/or expense accounts are posted to retained earnings in 2010.

While this may not seem like the perfect solution for you, it will accomplish getting those amounts into the current year (and they will subsequently roll forward to the next year 2011 as well). You might also want to edit each of the accounts affected and add a note explaining what was done and why for future reference. Copy and paste can be really useful here.

Thanks, that is exactly what I did.