I need to post to a prior year and can not remember which period do I use. Do I use the 1st period or the 12th?

thanks

Dawn

Hello Dawn,

When you select "Post to Prior Year, there is also a special posting period made available for the accountant's final entries that will not affect your financial statements generated throughout the year. For adjustments to the prior year that affect specific periods (rather than the final numbers), you can post to the period you want.

We recommend posting the final adjusting entries to the "year end adjustment" period so that period to period comparatives are not impacted by the year end adjustments.

Ok so I am doing something wrong or I don't understand. There wasn't a special posting period that was made available. I posted and it was rejected. I didn't want to post this to the year end adjustment period but wanted to post it to period twelve in the prior year. I entered it in period one in the current year. As the previous year has been closed dto I need to tick the year end adjustment period? I am guess yes because this was the only thing I did not do when I posted.
thanks
Dawn

Hi Dawn,

The special posting period is not found within batch entry, but on the Post to Prior Year function. It overrides whatever period was selected on the batch entry and replaces it with '14'.

If you choose to post (prior year, current year or next year), then the period you want to post to must not be closed. Indeed you have to open any closed periods if you want to post to them.

The Y/E Adjustment period cannot be set as closed, so you do not have to search for something to open when using this.

If you are interested, a webinar about Year End Procedures is available to see steps such as these, as is a Ledger year end checklist from the Tech Tips area of our website.