I am new using this software so bear with me. Situation is this. We are mid way through the year and I have discovered that there is an entry that should have been done in the prior year. Can I go back and input it into the previous year, and if so, can I re-close the year with any changes being done to retained earnings?

Hi CDCPG,

It is possible in Adagio Ledger to post a transaction directly to the Prior Year, without the need to re-open the year. If any accounts are Income/Expense accounts, the Retained Earnings will be updated accordingly, automatically.

We have a number of short videos accessible from our website or from YouTube about running particular processes in Adagio. Here is a link to a short 4 minute video for closing the year in Ledger, and how to handle entries that need to be posted to the prior year. Feel free to browse the complete list of videos if you are logged into the Client Portal of the Softrak website.

Thanks - I have resolved my issue - I have reviewed some of the videos, but had failed to see this one.