Issue in Year End cloing process NAV 5.0

srinivas.chittem

HI All,

I have two financial years defined in the system 2009-10 10-11. I closed the FYI 2009-10 as per the Std. Procedure of year end closing process. But later I found some balance still lying in income statment accounts. I drill down the issue and checked that they are some 2005 Jan inventory adjustments entries lying in the system, that balances carried out.

Actually this system we upgraded from 3.6 to 5.0.

Now the Issue how to revert back that amount. System doesn't shown any message they are some entries lying in previous years and that were not closed.

kindly help me in this regard ](*,)

Jeffrey_Fletcher

Hello Srinivas

This sounds like more of an accounting treatment issue than a technical one. All the nav year end process does is create a journal for you to reverse the total to date balance on a Income Account in the Chart of Accounts to a retained earnings account - With options to determine if reversing journal is totalled per each dimension.

If you have a 2006 balance in the Income Statement just run this process for 2006 and trasnfer the amount to retained earnings. You can run this process as many times as you want if case of back posted entries and it will just pick up any new balances on the income accounts.

Of course if you have 2006 entries that have been created due to running the adj cost entries process and 2006 had already been completed so you did not want this then you will have to fix this via a manual journal. Normally this would mean journal to adj out of income account (probably COGS) to balance sheet account (probably Stock) to make balance what it was originally and then reverse this in current financial year - otherwise stock in Balance Sheet wil no longer agree to stock reports.

Hope this helps if not I suggest you consult an accountant.

srinivas.chittem

Thanks Jeffery. The problem has been solved