I’m posting this to see maybe there’s updated information or change etc in the past 12 years? I’m looking to see if there’s a workaround to allow posting of transactions after a closed year? And adjustments as well?
This has always been allowed. You will have to go back and close the income statement again.
I’ve historically informed my user we can close year-end as many times as they want, no restrictions. I usually close the income statement at least twice.
Can I just change the post allowing to and from dates to override the allowing of posting in periods and making adjustments? Would that work? Or is there a way to re-open the year? Mind sharing a step by step path to accomplish my query?
Hello, You can post in a closed year, as Jimmy mentioned you should again run the Close income statement report to affect the retained earning account. You cannot re-open the year and no need for it.
Regards
Claude
Hi GreenSquare.
Sorry, I didn’t get a ping that you responded, otherwise I would have responded earlier. The exact steps would be,
- Change Allowable Posting Dates so that you can post into a prior month.
- After you post your transactions, don’t forget to close yourself out again to avoid from accidentally posting to a prior period.
- Run the Close Income Statement job/task again as you did the first time you closed year end. If necessary, go to the journal and post the journal that was created by this task. This is one of the normal steps in closing year end. You can run this as many time as you need.
- There is no need to make any changes to the Accounting Periods table. Once you closed the Accounting Period, there’s nothing else to do there.
Hope that helps.