Reopen Accounting Period

djswim

Guess that wasn't my last one.... I'm under the impression that to reopen a period i just need to allow posting to that date and then re-close... is this correct?

DaveT

Hi Djswim,

Technically, yes if the income statement is not closed - BUT make sure that you have the approval on the accountant / financial person as they may have published a set of accounts and may not want the period re-opens

djswim

And if the income statement is closed we just have to re-run the routine, right?

DaveT

djswim wrote:

And if the income statement is closed we just have to re-run the routine, right?

No - then I won't recommend it at all - if the income statement is closed then you must assume that the accounts are published and probably audited. Not a good idea

djswim

I completely understand that recommendation, but I'm sitting right next to the controller and CFO, I know that they haven't been published or audited, I just closed them today

Given that, it should be alright I think... my all-knowing MBS Training materials tell me so

DaveT

Hi Djswim,

Not something I have had to do - but the close generates a lot of closing entries so I guess you will have problems. So go by the golden rule - take it to a test envoirnment and test and then test again

djswim

Will do... thanks for all the advice!

ssingla

You need not open the accounting period and post the adjustment transactions. Rerun the close income statement batch job to transfer the income statement balances. System will not stop you but do it's bit:

CU 12

GLEntry."Prior-Year Entry" := GLEntry."Posting Date" < FiscalYearStartDate;