YE adjustments

Is there any way to post to the year-end adjustment period in the current year? I'm preparing my year-end and I don't want to post all of my year-end adjustments to the current month - such as my depreciation, inventory adjustment, income tax provision - as this makes the month not comparable to other months (mostly to do with the inventory adjustment).

Also, in the financial reporter, is there a way to toggle the Y/E adjustment button for all sheets at once? ...instead of having to go to each individual sheet and toggle it on or off, kind of like the pin that was created for the fiscal period.

Thanks
Jean

Hi Jean

To answer your first question, no. But what's the downside of closing a year even though you have more year-end adjustments? Here is my list (it may not be complete):

1) It's more of a pain to retrieve subledger activity into a closed year
2) You can't unpost a batch from a closed year
3) You can't do a reallocation in a closed year
4) You can't update budget figures using the Financial Reporter flash icon in a closed year

I don't think these should prevent you from closing the year in order to get the benefit of the adjustment period (and there are other benefits as well).

I'll let someone else handle the second question about the Y/E adjustment button.

Steve

Hi Jean,

The Y/E Adjustment Period button is not pinnable, as the Period/Year and Department buttons are. I can forward your comments to the development team.

I think that Steve's list of things that you can't do in a closed year is good. I would concur that there is more upside to closing the year when you are confident that all that is remaining are the year end corrections and adjustments.

Thank you for your replies. I'm not quite ready to close the fiscal year, but may just unpost my YE batches from the current year before closing and then re-post them to the adjustment period after I've closed the year.

I think being able to "pin" the Y/E adjustment period button would be helpful - thank you for passing that along to the development team.

Jean

Further to this thread from last year, why isn't the program set-up to allow posting to the YE adjustment period in the current year? Is there some downside to it that I'm not getting? I'm just doing my year-end and again I would like to post a few particular adjustments to period 14 so they don't affect my current month's figures. I'm not ready to close the year yet.

Thanks
Jean

Hello Jean,

In answer to your question - the feature has never been requested. Perhaps because provisionally posting a batch allows you to change the numbers temporarily in the current year. Also, it prevents people making a mistake and inadvertently posting to the Y/E Adjustment period.

Still, I'll get it added to the suggestion list and we'll see whether others raise their hands for this request.

Yes.
I would find this useful. I have some users that leave the fiscal year open along with "Next Year" for a number of months (or longer).
It would make sense for them to be able to post the Adjusting Entries into the current year, and not have to post the entries to Period 12.

Hi Sam,

But, if they have the year end adjusting entries, then the year should be closed. Actually, the year should be closed as soon as the books are sent to the accountant to prepare the y/e adjustments. The two years should not remain open for more than 2 or 3 months.

I agree with you.
But for whatever reason, some clients do not close the year within 2-3 months, even if we advise them to do so.
It is just what happens.

Hi All:

With regards to year end closing, Andrew is correct. What I find is a lot of users who don't want to let go of the old (pre GL v9) ways of doing things - hold the GL open until the final external accountant entries are ready for entry..

I believe then reason that Jean (and I'm sure other users) wants the Adj period more accessible is because she wants to book the entire years depreciation entry (or some such other annual entry) before turning over the books to the accountant but she doesn't want it to impact the last fiscal period.

Douglas is correct - I book the full year's depreciation at year end along with a few other year end accruals that I don't want to impact the final fiscal period, but my year is not closed yet because I'm still working on the year end. I do close the year when I send it over to our external accountants; at which point I currently will have to unpost my year-end adjustments, close the year, and then re-post them to the year-end period. I do think it would be useful to allow the year-end posting in the current year.

Jean:

I agree

Softrak:

Could the Adjustment period be changed so that it is treated just like any other fiscal period, allowing users to post to this period when they want. I believe this would also remove a lot of confusion that occurs when users fail to realize that the must select the button to include the Adjustments period when printing reports and Financial Statements.

We can make the suggestion for R&D.