hi Can any one tell me once i close my fiscal year and close income statement why entries are still allowed in that closed fiscal year… even if allowed it should be allowed only as a prior period adjustment … : 1. why entry is allowed to enter once the year is closed. 2. how to trace entry passed is entered once the year is closed. 3. how to deal prior period adjustment.
- Basically you can not prevent users from post into a closed year. 2. In table 17:“G/L Entry” there is a field called “Prior-Year Entry”; every posting made into a “closed year”, according til “Accounting Periods”, is checked. 3. In “Generel Ledger Setup” you can state “Allow Posting From/To”; also take a look at the “User Setup”.
Thanks anfinnur i was not aware of field prior year entry in GL entry table thanks for telling …yes i know u can restrict posting by defining the period in “allow posting from/to” field in setup but is there any other way to restrict it because its a very dangerous thing from audit point of view bacause auditor might be under the impression that the year is closed so no new entry can be posted in that year but the thing is other way around which he is unaware of…
It is usualy the auditor who causes a need to posting into a closed period. At least you now know how to quickly find any changes, but posting dates is the only control. As such the rights to change posting dates should be strictly controlled and the auditor should understand the system and check this procedure. If of great concern, you could use the change lod to track any changes.