How to do adjustment on already closed period?


I need some help on how to make adjustment on already closed period. Let say our last month is already closed and we notice something that is a wrong transaction. How can we correct that.

Thanks in advance.

Hi Lee,

NAV does not prevent you from making changes in previous periods.

The only thing that may prevent you is your allowed posting date range. If you have the ability to change this, alter it to allow you to post into the desired date.

Also, if you are posting into previous year that has been closed, you can do this in the same way. The only exception is that once the correction has been posted, you will need to re-run the close income statement routine.