Prior Period Adjustments
EasyAcct : Older versionsHow do I make a prior period adjustment in a closed year?
I have tried to follow the instructions in the EZACCT manuals but there is something I'm not doing or something missing from the manuals.
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02/05/12 1:27pm PST
Viewed by asker 02/08/12 1:08pm PST
Viewed by asker 02/08/12 1:08pm PST
2 Replies
02/06/12 1:44pm PST
The solution
EasyACCT gives you full access to two years of data. For example, if you are processing 2012 and your last year end date was 12/31/2011 then 2011 is your prior year and 2012 is your current year. You wlil no longer have access to 2010 transactions, but you do have access to the ending balances from 2010 and can change those. I'm guessing that's what the situation is. To do this:
- Go to Enter Transactions.
- In the Now Entering field put 999999 and press Enter.
- Make adjustments to the balances
- Note that you'll need to first figure out the net effect on the balance sheet accounts. If you need to make an entry that impacted revenue or expense accounts, you'll have to adjust the retained earnings account accordingly.
- Post to the General Ledger either by using the Automatic Posting feature, or by printing a General Ledger report in Print Reports.
When you access the current month, the program should prompt you to roll forward the new beginning balances. Answer Yes to this question.
If I guessed wrong about your situation, here's an online article that outlines making changes to any month in the current or prior year.
02/08/12 8:59am PST
Latest post
Thank you so much. These instructions worked. These are not the ones in the manual. I know I will need and use these with clients in the coming years. I cannot thank you enough. Now if EZACCT could update their manual for this.
angelblue
