Posting into a closed Accounting Period

niimodin

Hello Experts

Please I want to know if it is possible to post journals into a closed Accounting Period?
What will be the consequence/Effect.
Thanks

kapil4dynamics

First of all why would u do so ? Whats the point in closing then.

niimodin

Hello,
My client said he need to pass some journal for th opening balance of 2009 and I want thinking then it must be done in 2008 as well.
This is because the closing of 2008 but be equal to the opening of 2009
Thanks

Alex_Chow

niimodin wrote:

Hello Experts

Please I want to know if it is possible to post journals into a closed Accounting Period?
What will be the consequence/Effect.
Thanks

Yes, it's possible. This is normally done so the accounting department can produce an expected financial statement before CPA's adjustments.

Just make sure you close the year again after the entries are posted.

niimodin

Thank u so much.

I don't really know what i would have done without experts like u.

I'm so grateful.

Alex_Chow

You're welcome!

kapil4dynamics

Alex Chow wrote:

niimodin wrote:

Hello Experts

Please I want to know if it is possible to post journals into a closed Accounting Period?
What will be the consequence/Effect.
Thanks

Yes, it's possible. This is normally done so the accounting department can produce an expected financial statement before CPA's adjustments.

Just make sure you close the year again after the entries are posted.

Yeah but actually it was not stated by him that the results have been declared or not, if have been then i don't think this shud happen.

ssingla

kapil4dynamics wrote:

Alex Chow wrote:

niimodin wrote:

Hello Experts

Please I want to know if it is possible to post journals into a closed Accounting Period?
What will be the consequence/Effect.
Thanks

Yes, it's possible. This is normally done so the accounting department can produce an expected financial statement before CPA's adjustments.

Just make sure you close the year again after the entries are posted.

Yeah but actually it was not stated by him that the results have been declared or not, if have been then i don't think this shud happen.

There are several closure of the accounting years. To name a few :
1. Accounts closure by Accounts team
2. Accounts adopted by Board of Directors
3. Modifications suggested by CA/CPA/Auditors.

NAV however does not provide for tagging the sequence but you can modify the closed year as many times you wish.
Modifications are possible even after the publication of the results. Check the case of Satyam (The company directors admitted the fraud in the books and the books are under the process of reinstatement).

kapil4dynamics

Check the case of Satyam (The company directors admitted the fraud in the books and the books are under the process of reinstatement).

Too good example. Don't take it otherwise please , just for fun

Alex_Chow

I'm assuming he knows what he's doing. NAV does allow posting into close periods for the reason that I stated.

A hammer can be used to strike a nail or someone's head. Obviously, you can use NAV for wrongdoing and I hope this is not the case.

niimodin

Thank so much again.