This chapter only applies if you have installed the entrée.GL General Ledger add-on module.

 

You can retroactively update account balances by creating and posting journal entries to a previous accounting period. These entries are similar to standard journal entries, except you must specify the year and period to which they should be posted.

 

Access

 

Overview

You first have to enter a period and year to which you want to post the entries, and enter an optional batch amount. When you open the Post to Previous Period window, you are starting a journal entry session. Balanced journal entries are created and saved to a temporary file during the session. Unlike standard journal entry creation, you cannot create unbalanced entries, but you can still void entries that you have created.

 

When the Post to Previous Period window is closed, balanced entries are posted, voided entries are saved to the unposted entry file, and the session is completed. You cannot create an entry and then post it later. Voided entries are removed from unposted entry file when you close the period or year.

 

Balance Sheet Accounts

If a current year posting affects any balance sheet accounts, those accounts will have their current year balances updated for the posting period, as well as the periods up to but excluding the current period.

 

If a previous year posting affects any balance sheet accounts, those accounts will have their previous year balances updated for the posting period, as well as the periods up to and including the last period closed in the previous year. In addition, the current year balances are updated for all periods up to but excluding the current period.

 

Income Statement Accounts

If a current year posting affects any income statement accounts, those accounts, as well as the net income account requested during the posting, will have their current year balances updated for the posting period, as well as the periods up to but excluding the current period.

 

 

If a previous year posting affects an income statement account, those accounts will have their previous year balances updated for the posting period.

 

Net Income Account

The net income account requested during the posting will have its' previous year balances updated for the posting period, as well as the periods up to but excluding the final period closed in the previous year.

 

Retained Earnings Account

The retained earnings account requested during the posting will have its' previous year balances updated for the final period closed in the previous year, as well as the current year periods up to but excluding the current period.