GL Post Journal Entries to Previous Period |
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GL Post Journal Entries to Previous Period |
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GL Post Journal Entries to Previous Period |
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GL Post Journal Entries to Previous Period |
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Overview
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.
| • | A journal entry consists of the entry header (Entry Number, Reference, Description, Auto Reverse, and Date) and one or more entry detail items (Account, Description, and Amount). |
| • | When a journal entry is posted to General Ledger, the detail items in the entry will determine which accounts in General Ledger are updated, and the amount of the updates. |
| • | 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. A balanced entry has at least two detail items. The sum of all the debits (positive amounts) and the sum of all the credits (negative amounts) must cancel each other out for an entry to be balanced. Only balanced entries can be posted to General Ledger. Unlike standard journal entry creation, you cannot create unbalanced entries, but you can still void the 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.
