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move an expence to a prior FY

  • 1.  move an expence to a prior FY

    SILVER CONTRIBUTOR
    Posted 21 days ago
    I'm sure I'm over thinking this. We had an AP expense for FY21 that was put in FY22 (the expense and the cash)
    What's the easiest way to move it back to FY21. We have not closed our year yet.
    I was thinking of backing out the Fy22 expense JE, and just posting it in FY21 as an AP.

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    Burgen Havens
    Rancho Santa Fe Fire Protection District
    Rancho Santa Fe CA
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: move an expence to a prior FY

    SILVER CONTRIBUTOR
    Posted 21 days ago
    Hi Burgen,
    If it was entered as a payables transaction, it would be best to simply void it, and reenter it with the correct date.

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    Joe Scheidecker
    Accounting Manager
    Guardian Energy
    Hankinson ND
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: move an expence to a prior FY

    SILVER CONTRIBUTOR
    Posted 21 days ago
    Has it already been paid and posted? you'd have to void both the payment and the invoice to repost it in '21. You can also just accrue the expense in '21 as a reversing entry and it should wash with the invoice in '22.

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    Mike Bresnan
    Arabella Advisors
    Washington MD
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    Academy - Online Interactive Learning from Experts


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