Hi, I have made the year end adjustments in the GL and posted them to the prior year. Now, do I also have to go into last year and post them to the current year? Thanks

Only if it is important to you that the ending Trial Balance in last year's data be the same as the opening balances from this year. Generally, accounting departments like this to be true.

You don't have to enter the batch twice. Just archive it before posting in the current year and retrieve it into last year's data.

If you have already posted them to the prior year, then Andrew's suggestion about archiving doesn't apply. You will have to re-key them into last year's GL.

I have some stats I would like to add to last year but the purpose is to have them on the current financials for comparison.

If an entry is added to LY after the Current Year has been initiated, will the changes to Last Year reflect in This year's statements for comparisons to LY?

If you post a batch to the prior fiscal year, this will update the prior year Net Changes period buckets. If the postings affect any income statement accounts, the appropriate close year postings are also done so that Retained Earnings are correct.

Thus you can use these newly updated last year values to compare to your current year in financial statements.

Can you confirm for me before I proceed:

I have closed 2006
I have 2007 running.
I go to 2006 data and add my occupancy stats.
I go back to 2007 data and the 2006 occ stats totals will be listing on statements and in the budget sections as 2006 LY data.

Is this correct?

Thank You!

Hi Fullen,

If you open your backup copy of your year 2006 and add your occupancy stats, that will update your 2006 backup but will not update the 'Prior Year' balances when printing financials from your live year 2007.

If you wish to see these occupancy stats on your current year 2007 financials (in the prior year 2006 comparison columns), then you need to have this information keyed in as a journal entry batch in your live year 2007. Then instead of posting this batch to your current year, instead choose the 'Post to Prior Year' function. If you don't have access to this, then it needs to be enabled from the Company Profile.