Good day,
i've closed my YE and moved onto the new year, however, I have to do adjustments in the prior year (DEC02).
I know I have to use the "Post to prior period" command, but when i'm entering my GL entry do I use period 12 and date it 12/31/02. (Period 12 to adagio means Dec 31, 2003.) Is there anything else I need to be concern about? Thank you.

Hi Gil,

When you create the entry, assign it to period 12 and use the date that you wish to assign to it. There is nothing else that needs to be done.

When you Post to Prior Year, the net changes for the period will be properly updated. If you are posting to a revenue or expense account, entries will also be created to reduce the account to 0 with the offsetting amount going to Retained Earnings.

Hi Sam,

When you post to prior year, no transactions will post to the current year; that is the purpose of this function. 'The Period 12 - Last year' net changes are updated, in addition to Retained earnings (if necessary).

If you find numbers in period 12 for the current year, then the batch was incorrect posted without using the 'Prior year'.