Julie,
If you are using FRx and IFM, the previous suggestion by Jim might cause a
problem. I would suggest that you use either of the following methods:
1. If it's a small journal entry, then open the appropriate period for last
year and make the adjustment JE. Then make a JE to the current opening
period to adjust the opening balances as appropriate (the prior entry will
not correct beginning balance sheet balances or retained earnings). You will
need to specify the actual period for the opening period JE, not just an
effective date (can be done on the 2nd page of the header).
2. If you want to have the opening period "correct" itself, then you'll have
to copy/reverse it (the JE that created the opening period balances), make
the adjustment JE in the appropriate prior period, close all prior periods,
and submit your YE close job again (create opening balances) and post it.
Best regards,
Vanessa
Vanessa King
Financials consultant
-----Original Message-----
From: mapics-l-bounces@xxxxxxxxxxxx [mailto:mapics-l-bounces@xxxxxxxxxxxx]
On Behalf Of Jim.Lee@xxxxxxxxxxxxxxxxxx
Sent: Tuesday, November 18, 2008 4:12 AM
To: MAPICS ERP System Discussion
Subject: Re: [MAPICS-L] IFM R5
Julie,
create a period (at end 2007 or begining 2008 or both) for adjustments.
Update period structure(s).
Post adjustments to this period. Reverse in the other if that is what
you
need/want to achieve. No reversal will cause brought forward to be
updated.
Jim Lee
Phone +44 (0) 141 557 6400
Mobile +44 (0) 7714 012240
SecureIT for Scotland (c) Campbell Lee 2008
"Diven, Julie" <Julie.Diven@xxxxxxxxx> To
<mapics-l@xxxxxxxxxxxx>
Sent by: mapics-l-bounces@xxxxxxxxxxxx cc
Subject [MAPICS-L] IFM R5
17/11/2008 20:08
+----------------------------------------+
| Please respond to |
| MAPICS ERP System Discussion |
| <mapics-l@xxxxxxxxxxxx> |
+----------------------------------------+
We need to make adjusting entries in G/L for several accounts for last
year (2007). Does anyone know what steps we need to take and if the
opening balances for 2008 for these accounts will automatically
recalculate?
THANKS!!
Julie Diven
IT Manager
Awrey Bakeries, LLC
734-513-9634
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