Year End Closing POST to wrong account

nikeman77

hi everyone,

during year end closing, what to do when a user had post to the wrong account?
both income/ balance field are of balance sheet type?

1.Can I do journal adjustments select From Account type = G/L, To Account Type = G/L
2.But how do I know what are the amount effected?
3.What other factor/ points do I need to take note or find out?

sorry guys, i have no finance knowledge of any sort here..

ssingla

1.Can I do journal adjustments select From Account type = G/L, To Account Type = G/L
Yes, you can post transactions. Just remeber the "close income statement" batch job posts transaction using Closing date (prefix date with 'C'). You should use the same date.

2.But how do I know what are the amount effected?
Chart of Accounts with flow filter (Date Filter) of closing date.

3.What other factor/ points do I need to take note or find out?
Consult the accountants or the auditors.

nikeman77

hi ssingla,

after all the processes do we need to repeat year end closing? :-k

ssingla

Yes you should. It should not create any entries but just to recheck.

P.S.: The first step before you start rectification is to update all the G/L Accounts with their correct "Income/Balance" values.

nikeman77

hi ssingla,

any methods to rectify the wrong posting account issues without re-doing the year end closing?
:roll:

ssingla

Never tried but you can try to reverse the transaction.

nikeman77

ssingla,

reverse is the correct way.. just too bad that the whole closing got to be repeated again..

Alex_Chow

nikeman77 wrote:

ssingla,

reverse is the correct way.. just too bad that the whole closing got to be repeated again..

Not too bad since the entries are created automatically. It's not like the user is having to type in everything manually.

aseigle

We've found that most of our customer take a backup before processing year end. This way they can revert back to it if they made a huge mistake that can't be easily rectified with a journal entry. It makes the process more time consuming, but they like the safety net. Also, if you first peform the year end in a test company and confirm you are getting the same results, where would be no need to make any corrections.

nikeman77

asiegle,

i like your preventive actions suggestions :thumbsup: ... will propose to do so... especially when it meet with auditing period during year end.. [Finance closing] + [auditor requires report generation] + [daily operations] that performance going to be an issues too...
=D>

marcoau18

..... especially for company with "Additional Reporting Currency", as closing will direct post to GL [-o<