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How to create an adjusting entry for the closed year transaction

  • 1.  How to create an adjusting entry for the closed year transaction

    Posted Feb 18, 2020 03:16 PM
    I just finished doing year-end Financial statements and closed the book for 2019, there was an entry that should have been for 2020 but was erroneously posted to Dec 31, 2019, how can I undo that, also one of the expense accounts was not included in the year-end closing account because it was marked as BS instead of P&L, how can I correct that as well.
    All the help I can get will be appreciated.
    Thanks

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    Cinia Hernandez
    Controller
    Pharmacy Technician Certification Board
    Washington DC
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  • 2.  RE: How to create an adjusting entry for the closed year transaction

    SILVER CONTRIBUTOR
    Posted Feb 18, 2020 04:05 PM
    Hi @Cinia Hernandez, what version of GP are you on?  If you are on 2013 R2 or newer, you can follow the instructions from Microsoft here to reopen the year and fix the setup of the expense account.  Be sure you have a backup of your company database before reopening the year, just in case.  While you have the year open, go ahead and back out the erroneous December entry.  Then reclose, and you should be good to go.

    Let me know if you run into any issues, or have further questions!

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    Sarah Brewster
    Implementation and Support
    ActivReporter by nQativ
    Lubbock TX
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